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ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tim Leonard

Tim Leonard

Finance Expert
Published: 12/03/2009
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Following the Bank of England's decision to lower base rate to 0.5%, banks and building societies have been busy working out how this will affect their mortgage and savings products.

Here's a quick rundown of what has been announced so far:

Nationwide BS, Cheltenham & Gloucester, Lloyds TSB Scotland, Cheshire BS and Derbyshire BS have all decided to reduce the standard variable rate (SVR) on their mortgage products by the full half a percent, to leave their SVR standing at 2.50%.

Halifax and Skipton BS are also reducing their SVR by half a per cent, but means their SVR will now sit at 3.50%.

Abbey has announced a 0.45% cut in its SVR, to leave their rate currently at 4.24%, while Manchester BS is trimming their rate by 0.25% to 4.84%.

Finally, Royal Bank of Scotland and NatWest has decided that their SVR will remain unchanged at 4.00%.

Meanwhile, in the savings market, Norwich Union's Savings Tracker rate is to be cut by 0.75%, while United Trust Bank and ICICI Bank UK are to reduce their rates by the full 0.50%.

Last but not least, Sainsbury's Finance is to cut its savings rates by anything up to 0.50%, the same decision reached by West Bromwich BS regarding its Savings Tracker products.

To make sure you stay up to speed with all the best deals currently available in both the mortgage and savings markets, be sure to keep a close eye on the Moneyfacts best buy tables.


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