UK Money News
15th May 2008
Lenders fail to pass on April interest rate cut
Several mortgage providers have failed to pass on the benefit of April's cut to interest rates to customers, a financial website has claimed.
According to data from Moneyfacts.co.uk, 24 lenders have not downwardly adjusted their repayment rates to reflect their lower borrowing costs.
Meanwhile, those who have imposed a cut have not done so in full, according to Michelle Slade, an analyst at the site.
She said: "20 (28 per cent) have announced a cut of less than 0.25 per cent. Even more disappointingly is the fact that those lenders which have passed on the smallest cuts offer some of the highest standard variable rates (SVR)."
Moneyfacts.co.uk also found a substantial increase in the size of deposits required by mortgage providers.
The site calculates that just 12 per cent of all mortgage deals now accept a deposit of five per cent or less, compared with 27 per cent before the onset of the credit crunch.
Ms Slade said that this trend is "most concerning for first time buyers or anyone with limited equity in their home".
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