Lenders have begun to axe more loan products following this week’s central interest rate cut. Cheltenham and Gloucester and Lloyds TSB both withdrew several tracker deals yesterday following the 0.5 per cent drop, offering evidence that the central cut may not be passed on to borrowers. Nationwide and Abbey both confirmed they were reviewing its products in light of the market situation, with an Abbey spokeswoman commenting, ‘Following the news that the Bank of England will be lowering the base rate by 0.5 per cent, Abbey is reviewing its mortgage and savings rates and an announcement will be made in due course’.
It was also revealed this week that UK house prices fell by their sharpest annual rate since records began in September, with the Halifax house price index indicating a 1.3 per cent fall in September. The latest decline means that prices have fallen by 12.4 per cent in the three means to September compared to the same period last year. Furthermore, the 13.3 per cent year on year decline for September was also the highest since records began.
Property economist at Capital Economics, Seema Shah, confirmed fears that the borrowers may not reap the reward of the bank’s rescue package.
Lenders Axe Tracker Loan Deals
Lenders Axe Tracker Loan Deals
Fri, 10 Oct 2008
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