Nationwide, Halifax & Abbey reduce rate on SVR Mortgage

The Bank of England has today cut interest rates to just 0.5%, and now mortgage customers are wondering when their lenders will be passing on the rate cut on their SVR mortgages. Nationwide and Skipton Building Society are passing on the full rate cut, along with Halifax (LON:RBS) and Lloyds TSB (LON:LLOY). Abbey has said that they are reducing the rate of their Standard variable by 0.45%.

Four of these lenders have said that their SVR will never be more than one percent above the base rate. Abbey

failed to pass on the full rate cut in February, so it came as no surprise that they would not pass today’s rate cut in full.

Most of the other lenders have stated that their rates were now under review, we would have to wait and see what the other big lenders plan to do. Banks and building societies have warned that they also need to consider their savers; it is their deposits that allow them to lend money for mortgages.

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