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MSE News: Just five big mortgage lenders commit to cutting their SVRs after base...

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Mortgage providers appear reluctant to commit to reducing their standard variable rates following the base rate cut...
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'Just five big mortgage lenders commit to cutting their SVRs after base rate drop'

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'Just five big mortgage lenders commit to cutting their SVRs after base rate drop'

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Why do you think that they should? I'd be interested to know.
What needs to happen is for people to stop borrowing and hopefully this latest cut in interest rates will encourage more to pay more off their mortgage and/or pay off their debts and not go on a neverending spending spree which they cannot afford.
Shame the Government cannot do the same.
If you are on their BMR product, then your interest rate is guaranteed to be no more than 2 percentage points above the BoE base rate. In effect, this means it has been 2.5% for the past several years.
The base rate has just fallen to 0.25%, but Nationwide say they are not going to be changing their BMR interest rate until 1 September.
This means that every daily interest calculation for the rest of this month will actually use a rate that is 2.25 percentage points above the base rate. That doesn't seem to fit in with their guarantee - are they allowed to delay it like this?
The requirement for the lender to give notice of a change in interest rate works both ways. Lenders cannot backdate changes.