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 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
- 5 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...