Cut in mortgage rates!

Posted 2007-12-18

The recent cutting of the interest rates by the Bank of England has resulted in cutting down of interest rates on two more mortgages. 

The Standard Life bank reduced its Freestyle Standard Variable Rate (SVR) by 0.25 percent to 7.21 percent from January 1st 2008. HSBC has decided to reduce its tracker mortgage rate from December 24th 2007 by 0.25 per cent from 7 per cent to 6.75 per cent and has brought out that its variable mortgage rate as being at least 0.24 per cent lower than many other high street lenders. 

Moneyfacts.co.uk, UK’s financial comparison website released a report stating that about 31 providers have declared changes in the SVRs, out of which six providers have reduced their SVRs by less than 0.25 percent. 

Lisa Taylor, the analyst of Moneyfacts.co.uk stated that the last time they saw interest rates decline was only in August 2005, when 46 lenders made an announcement the rate of change will be relatively slow.

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