UK Money News
16th April 2008
Abbey to pass on 0.25% cut in full
Abbey has confirmed that it is to pass on in full the benefit of last week's reduction to the key base rate of interest.
A statement from the firm said that it is reducing its standard variable rate (SVR) by 0.25 per cent to 7.09 per cent.
Meanwhile, tracker rates for those who already have a mortgage with the lender will also fall by a quarter of a per cent.
The benefit will not, however, be passed on to new customers seeking tracker mortgages.
A spokesperson for Abbey, said: "Despite the current market turmoil and high cost of funding, Abbey is committed to ensuring customers receive the benefit of the base rate reduction.
"Our best-paying savings rates are being maintained at their existing high levels, we're passing on the full base rate reduction to customers on SVR and we're cutting the rates on our two-year tracker and flexible mortgages for new customers."
Abbey also said that rates on Fixed Rate Monthly Saver, Esaver Direct, and 50+ Saver savings accounts will remain unchanged.
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