Lender SVR cuts are getting better after March BBR reduction 11.03.2009
Author: David Whittaker Posted on: 11 March 2009
Following last Thursday's BBR cut to 0.5% most lenders in our table below either confirmed before the event or shortly theraeafter that they would pass the full benefit onto borrowers from 1 April (no significance in April Fools Day we hope).
HSBC have confirmed that they will move and they should apply the full 0.5% but in these uncertain times you should never take things for granted.
But in general terms not too many "sinners" this month....... whether you see them as "saints" depends on your view of the margin over BBR that some of them are charging. Obviously how this effects residential mortgages or buy to let mortgages depends on the product you've got.
What will be interesting in the coming months is the full 1% difference in SVR for Halifax Borrowers and Lloyds (inc C&G) customers - now that integration is under way will Halifax borrowers push for the same as C&G ?? Time will tell.
Author: David Whittaker
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Comments
Author: Michael
Date: 12 March 2009 15:24
Comment: Hi Why do you exclude from this table the BOE base rate reduction at the start of October from 5% to 4.5% but include the reductions in response to this hence showing that LTSB have passed on more than 100% of the cuts? Regards Michael
Author: David Whittaker
Date: 13 March 2009 17:26
Comment: Hello Michael, Our fault on this one! The table should now be updated. Thanks, David.