Mortgage Lenders Are Promising To Pass On Interest Rate Cuts

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The six million homeowners who have a tracker mortgage will benefit the most from last week’s interest rate cut, since they move in line with the base rate. It is anticipated homeowners with a £200,000 mortgage will see their repayments reduced by £30.00.

Barclays, First Direct, Cheltenham & Gloucester, Halifax, Woolwich, HBOS, Lloyds TSB and Nationwide have all announced their intention to reduce their standard variable mortgage rates.

Nationwide said it will reduce its rates from 1st May 2008.

Alliance & Leicester has announced it will be reducing the Standard Variable Rate (SVR) on its mortgages by 0.25%. The bank will be changing its Standard Variable Rate for existing mortgage customers from 2nd May 2008 to 7.19% down 0.25% from 7.44%.

For new customers the change comes into effect on 23rd April 2008.

Existing customers on Base Rate Tracker mortgages will see their rates fall by 0.25% from 1st May 2008. For new customers, this change comes into effect on 15th April 2008.

Alliance & Leicester will be writing to customers to advise them of their new lower monthly payments.

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