Mortgage lenders in the UK not passing on interest rate cut to customers

It seems as if Mortgage lenders are got a little greedy over the Christmas period, as they failed to pass on last month’s interest rate cut to their customers, which is not good as they struggle to meet with their monthly payments. The annoying thing is these mortgage lenders are quick enough to put the rate up when the Bank of England put the interest rate up.

Out of the 103 UK mortgage lenders eight have not reduced their rate, and 16 have not passed on the full 0.25 percent rate cut. Some of the companies that have not reduced the rate are Skipton and Principality. Other companies who passed on a little cut were Alliance & Leicester, Egg, Northern Rock, Nottingham Building and Scottish Widows Bank.

Source – Telegraph