Three home lenders shave fraction from loan rates
Tuesday 13 April 1999
Their decision means a Halifax borrower with a pounds 60,000 mortgage will save pounds 4.75 on a typical pounds 60,000 loan, which now drops to 6.85 per cent. C&G's rate falls to the same level.
All Abbey National borrowers will see a similar monthly fall, although their tiered interest-rate system means that only loans of pounds 100,000 or more will be charged at 6.85 per cent. Lower-sized loans will pay between 0.05 and 0.1 per cent more. The Halifax and Abbey mortgage cuts will apply from 1 May for existing borrowers; C&G said it had not yet decided on a date.
Yesterday's move follows the decision by the Bank of England last week to cut bank base rates by 0.25 percentage points. At the time, with the exception of Virgin Direct which matched the MPC cut, all lenders said they were "reviewing" their charges.
Ambrose McGinn, Abbey National retail products director, said: "[We] have reduced the mortgage rate by less than the base rate, with savers very much in mind. Rapidly falling rates are good for borrowers but they have a great impact on our savers, who outnumber borrowers seven to one."
Mr McGinn added that borrowers were now paying pounds 95 a month less on a typical pounds 60,000 mortgage than they were six months ago.
- 1 Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 4 Right to die: Belgian doctors rule depressed 24-year-old woman has right to end her life
- 5 The biggest first date turnoff has been revealed
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Van driver who comforted Clark Carlisle and called 999 after suicide attempt dies age 24
Greece debt crisis explainer: A history of just how the country landed itself in such a mess
Greece debt crisis referendum: Greeks want to vote No to austerity – but Yes to Europe
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
More Britons believe that multiculturalism makes the country worse - not better, says poll
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...