Lenders renew home loan war
Friday 07 June 1996
Halifax and Abbey National, with about 3.5 million borrowers between them, announced they were cutting the cost of their variable interest mortgages by 0.26 per cent to 6.99 per cent, the lowest for more than 30 years.
Bradford & Bingley, whose headline rate already stood at 6.99, said it would drop the cost of its mortgages by a further 0.25 per cent, while Alliance & Leicester and most other mortgage lenders hinted they too would follow the bigger players.
The decision by Halifax and Abbey National cuts monthly payments on a typical pounds 50,000 interest-only mortgage from about pounds 275 to pounds 265, a saving of pounds 10. Repayment-style mortgages will be cut by pounds 7.40.
Nationwide, which has a million borrowers, said it had no immediate plans to cut mortgage rates below its market-beating low of 6.74 per cent.
However, Halifax's new rate will be delayed until 1 August for existing borrowers, while Abbey National said yesterday that its borrowers would only benefit from 1 September.
Abbey blamed the delay on the problem of integrating its computer system with that of National & Provincial Building Society, which it is in the process of taking over.
Savers were warned yesterday that the amount paid on their deposits was likely to fall further in the wake of the base and mortgage rate cuts.
- 1 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 5 Israel's propaganda machine is finally starting to misfire
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
Drew Barrymore’s sister Jessica found dead in her car surrounded by 'dozens of white pills'
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...