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SVR mortgage rates latest

Published: Thursday, 8 January 2009, 1:22PM

Three major mortgage lenders have announced they will be passing on the 0.5% interest rate cut to their standard variable rate borrowers in full.

Both Lloyds TSB, which also lends under the Cheltenham & Gloucester brand, and Nationwide state that their standard variable rate (SVR) will never be more than 2 per cent above the Bank of England base rate, meaning the groups will pass on all future cuts in full to their SVR borrowers.

They were joined by HSBC, which also said it would be slashing its SVR in line with the Monetary Policy Committee's reduction.

But other lenders said their variable mortgage rates were under review following the change.

Since the beginning of October, the Bank of England base rate has been cut by 3.5% to 1.5%
.
Here are details of the major lenders' SVRs and by how much they have reduced them:
 

Lender
Current SVR
Reduction being passed on from today's cut
Total reduction since October 1
Still available to new customers
Halifax
4.75%
 
Under review
2.25%
No
Nationwide
3.50%
 
0.5%
2.99%
No
Abbey 
5.94%
 
Under review
2.15%
No
Lloyds TSB     
3.50%
 
0.5%
3.50%
No
Northern Rock 
5.34%
 
Under review
2.15%
No
Woolwich
5.49%
 
Under review
1.65%
No
RBS/NatWest   
4.44%
 
Under review
2.75%
No
HSBC
3.94%
 
0.5%
2.31%
No
Alliance& Leicester
5.34%
Under review
1.85%
No
Bradford & Bingley
4.84%
 
Under review
2.25%
No

* For lenders that have already announced a cut, the current SVR includes the latest reduction, although for most lenders this does not apply until February 1.


Tell us what you think about the amount of the rate cut that banks are passing on to lenders? Share your views, positive or negative, with ITV News at yourstory@itv.com