Halifax only cuts its SVR by 0.25 percent

Dec 04, 2008 | Comments 2

Halifax, which is part of HBOS and Britain’s biggest lender, announced that it will only be passing 0.25 percent of the 1 percent Bank of England Base Rate cut onto it customers that are on variable rate deals.

Halifax Standard Variable Rate (SVR) will reduce to 4.75 percent after the 0.25 percent cut from January 1. Halifax said that it had “balanced the interest of its customers with the commercial imperative of managing its business in a sustainable and prudent fashion”.

The Bank of England Monetary Policy Committee reduced the base interest rate today by a further 1 percent following the cut in November for 1.5 percent. The UK base interest rate is now at 2 percent, being the lowest level for 57 years.

Source: timesonline

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  • http://na Steve

    Howdy… I have a tracker mortgage and they don’t follow the rate drops, does that mean that when the “BOE” increase the tate by 1% on my mortgage… i can say to the Halifax… mmmmmm “no I’m going to pay you only .25% more its about balancing my life with my finances in a prudent fashion” and it will be sweet?

  • Lu

    I consider it pure theft – they just took all the money from the good years, the government money from the crunch and now don’t pass on cuts!