MSE News: Some mortgage lenders STILL haven't passed on last month's base rate cut

Legacy_userLegacy_user Forumite
0 Posts
MoneySaving Newbie
At least seven lenders have yet to cut their SVRs following last month's base rate cut, as further changes are mulled...
Read the full story:
'Some mortgage lenders STILL haven't passed on last month's base rate cut as Bank of England mulls further move'
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Replies

  • poppy10_2poppy10_2 Forumite
    6.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    They are under no obligation to cut their rates at all. Don't know why this is seen as some sort of scandal
    poppy10
  • xnoxxnoxxnoxxnox Forumite
    94 Posts
    Sixth Anniversary 10 Posts Combo Breaker
    The mortgage differentials have gone up. In April 2016, 73% (75% band) LTV no-fees 2yrs tracker was 1.34% above BoE rate (nationwide existing mortgage / product switch). Today same LTV no-fees 2yrs tracker is 1.54% above BoE rate. With the rate cut, just 0.05% less. They were all expecting a rate cut and have bumped their differentials for new customers a while back. At one point I've even noticed that fixed rates were below trackers - a sure tell sign lenders were bracing for a rate cut.
  • SavingSteveSavingSteve Forumite
    483 Posts
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    poppy10 wrote: »
    They are under no obligation to cut their rates at all. Don't know why this is seen as some sort of scandal

    It's because MSE operate in gutter journalism, and like to fake outrage to continue to look like they are consumer champions. Is all a bit of a farce really and quite an embarrassing lack of journalistic integrity.
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