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CML: Mortgage arrears and possessions conference at the The Midland Hotel, Peter Street, Manchester, M60 2DS
Halifax passes on full rate cut
Following the announcement by the Monetary Policy Committee of a 1.50% decrease in the Bank Base Rate, Halifax will also be decreasing its standard variable rate (SVR) by 1.50%.
The Halifax SVR will now reduce from 6.50% to 5.00%, one of the most competitive in the market, they say.
The 1.5% reduction will apply across the Group's other mortgage brands as well - Bank of Scotland, Birmingham Midshires, Intelligent Finance and The Mortgage Business.
This reduction in the Halifax standard variable rate follows the 0.50% cut last month when Halifax also fully passed on the Base Rate Reduction announced by the Monetary Policy Committee. Halifax was one of the very few lenders to pass on in full last month's 0.50% reduction to its customers.
As usual, the 1.5% reduction will come into effect for borrowers from 1 December 2008.
- £17.5m today is equivalent to £1m in 1958
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- Allianz's Lawphone helpline reports record demand for redundancy advice
- Lloyds TSB and C&G cut fixed rate mortgage products
- Banks that don't pass on rates cuts ‘shameful'
- Insolvency figures highest for five years as downturn bites
- Natwest and RBS cut its Standard Variable Rate by a full 1.5 per cent
- Help save the planet when you move house
- The recovery of the market lies in the hands of lenders
- British Insurance receives two industry awards
- Network at MBE London which starts on Wednesday
- GHL Group launches in-house protection service for ARs
- Skipton Financial Services appoints Mark Fleet as new managing director
- Zurich simplifies application process for advisers