• From This is Money:

    Last month some lenders passed on the full 0.5% cut in their standard variable rates (SVRs) but many passed on only some of it.
    Banks and building societies are likely to continue to proclaim their support for savers and try to avoid taking SVRs down by the full 0.5% this month.
    But these claims have been consistently undermined by lenders’ decisions to cut savings rates, often by more than the bank rate cut.
    Borrowers with tracker mortgages will be the biggest winners, as unless they have a mortgage collar or floor, their rates will automatically move down in line with the bank rate.
    Nationwide Building Society has previously confirmed that it will not pass on more cuts to its tracker mortgage borrowers as it imposes its mortgage floor.

    – Was your rate cut in January?

    Who has cut rates?

    Cheltenham & Gloucester has cut its SVR by 0.5% to 3%
    Halifax has cut its SVR by 0.5% to 4%

    Lloyds TSB has cuts its SVR by 0.5% to 3%

    Nationwide BS has cut it…

    Click to read the full article »

    Posted by Jon @ 4:04 pm

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