No interest in rate cut

Amanda Jarvis

February 10, 2003

Most of the major lenders said they were reviewing their rates and are expected to make a decision today.

Mortgage lenders normally adjust their rates within hours of the Bank of England's announcement. But this time many of the lenders said they were waiting to see how the markets reacted. Only the One account, formerly the Virgin One account, and Sainsbury's Bank have taken the step of reducing their rates by the full 0.25%.

If lenders do decide to pass on the full cut mortgage rates will fall to their lowest level for 46 years. A homeowner with a £60,000 mortgage would save around £9 a month, reducing monthly repayments to £368.45.

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