Banks "grateful" for support - buy to let mortgages

10 November 2008

Investors with buy to let mortgages are set to benefit from the high street banks' reaction to the base rate cut and a fall in Libor, the interbank lending rate.

Angela Knight, the chief executive of the British Bankers' Association, said that its members were "grateful" for the support they have received from the government and the Bank of England.

"Banks are committed to doing their part to help rebuild the UK economy as well as ensuring we help and support all our customers," she commented.

Ms Knight acknowledged that many people are "concerned about making ends meet" in the current climate and that the interest rate cut is to be welcomed.

And she recommended that anyone who is struggling to meet repayments should talk to lenders "sooner rather than later".

Meanwhile, the National Association of Estate Agents has stated that any banks that do not pass on the base rate cut are acting in defiance of the government's wishes.