UK Money News
8th February 2008
Lenders act fast to pass on rate cut
A number of the UK’s largest lenders have acted quickly to confirm they will be adjusting their rates in line with yesterday’s cut to the key base rate of interest.
Lenders traditionally confirm whether they will be passing on changes to the base rate within two weeks.
However, Halifax, HSBC, Nationwide Building Society, First Direct, Royal Bank of Scotland and Abbey also announced they will be cutting their rates on the same day the Bank of England confirmed its cut of 0.25 per cent.
However, Michael Coogan, director general of the Council of Mortgage Lenders, said that consumers whose mortgage is provided by other lenders should not assume that their lender will follow suit.
He advised: "Borrowers should not expect that a base-rate reduction will automatically result in a cut in standard variable rates or discounted rates across the market.
"Lenders’ rate-setting policies are more complex than simply the level of the base rate. They are determined by a range of factors, including the cost of retail funding and the cost and availability of wholesale funding."
back to February's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
