Interest rates slashed again | moneyfacts.co.uk

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MONEYFACTS ARCHIVE. 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 It is now over 6 months old so the content may be out of date.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: 05/02/2009

The Bank of England's decision to cut interest rates by another half percentage point to a new record low of 1% means there'll be another month of moving and shaking in the mortgage and savings markets.

The important thing now is how the banks and building societies react to the news and the impact it will have on you and your finances.

While borrowers should have their fingers crossed that their lender will pass the cut onto their mortgage and loan offerings, savers will be hoping that their banks and building societies don't do the same with their savings accounts.

Halifax, Lloyds TSB Cheltenham & Gloucester, Woolwich, Nationwide, Cheshire BS, Derbyshire BS and Skipton BS have all announced they will pass on the full cut to their standard variable mortgage rates, while most borrowers with tracker mortgages should also have reason to celebrate.

Savers usually have to wait a bit longer to find out their fate, so to make sure you're on top of all the ups and downs that occur in the coming weeks, log on regularly to Moneyfacts.co.uk.

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