Five weeks on from Decembers shock reduction in base rate, many experts are predicting yet another cut tomorrow. Despite the festive period we would have expected the dust to have settled by now, with most mortgage lenders having made a decision. But some mortgage providers are still undecided, with mortgage borrowers continuing to be charged at a potentially higher rate.
There are currently ten mortgage lenders who have failed to make any announcement as to whether their standard variable rate ("SVR") will be changing. Included are several smaller building societies, but more surprisingly it's unusual to see some larger providers such as Skipton still undecided.
Mortgage lenders yet to announce:
Of the 89 mortgage lenders that have reduced their mortgage rates 18 have opted for a cut of less than 0.25%, meaning any borrower on a SVR deal or a discounted mortgage rate linked to the lender's SVR will not be seeing the benefit of the full 0.25% cut they may have been expecting.
Mortgage lenders who have passed on less than 0.25%:
Whatever the amount the mortgage lender has passed on following the base rate cut, what's more important for mortgage borrowers, especially those on a reverts to SVR is the actual mortgage rate they are being charged. Some mortgage lenders decisions may have been to re-align their rates with competitors.
Mortgage Best Buys – Standard Variable RateMortgage Best Buys – Discounted Variable RateMortgage Best Buys – Fixed Rate
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