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8 Feb 08 -Lenders Agree To Pass On Rate Cut
Some of the UK's biggest mortgage lenders have announced
they will be passing on the 0.25% interest rate cut in full.
Halifax, Nationwide, Abbey and Royal Bank of Scotland/NatWest
all said they would be cutting their standard variable rates
after the Bank of England's Monetary Policy Committee (MPC)
cut interest rates to 5.25%.
Lloyds TSB, which also offers mortgages under the Cheltenham
& Gloucester brand, Barclays' mortgage arm the Woolwich,
HSBC and first direct said they would mirror the MPC's move
ahead of its announcement.
The decision will bring some relief to homeowners following
five interest rate hikes in the year to August 2007.
The speed with which lenders responded to the cut came
as a surprise, as nearly one in five had failed to say whether
they were going to pass on December's interest rate cut
by the beginning of January.
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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