Which Lenders Are Passing On The 0.5% Interest Rate Cut?

06 Feb 2009

Yes, yes, yes, as many had predicted, the UK Base rate cut their base rate by 0.5%, which means it now stands at 1%. Consequently, there are a handful of very, very, very lucky borrowers out there at the moment that are reaping the rewards of 0% interest rate on their loans. Those people got tracker mortgages that are 1% below the Bank Of England base rate. I envy, I envy.

Anyways, no one really cares about anyone else’s good fortune in this climate, it’s every man for himself; we only care about how this effects our mortgages. Since the news broke out, very few lenders have broke silence about whether they’re going to reduce their SVR (Standard Variable Rate) for their lenders, but below is what I know so far.

I’ll continue to update this post as more news comes in.

Lender	Old SVR (pc)	New SVR (pc)
Bank of Scotland	4.84
Bristol & West	3.99	3.49
Cheltenham & Gloucester	3.5
First Direct	3.69
Halifax	4.5	4
HSBC	3.94	Under review
Abbey	4.69	Under review
Leeds Building Society	5.49
Lloyds TSB	3.5	3
Nationwide	3.5	3
Norwich & Peterborough	5
Royal Bank of Scotland	4.19	4
Skipton	4.5	4
Yorkshire Building Society	4.99
Bank of Ireland	4.49
Derbyshire Building Society	3.5
Stafford Railway Building Society	3.99
Woolwich	5.49	4.99
Cheshire Building Society	3.5
NatWest	4.19	4
Northern Rock	5.09	4.79

As always, if you hear anything, let me know…

My condolences to those on fixed rates that haven’t been benefiting from any of the interest rate cuts since October 2008. That must be a bitter pill to swallow.

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