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MPC cut rate by.25%
The Bank of England's Monetary Policy Committee (MPC) voted to cut the base rate by 0.25%. Some retailers will be dissapointed as they had hoped for a bigger cut to take the rate to 5%. Unfortunately, some lenders had not passed any previous cuts on to the benefit of their mortgage customers, but there were signs that lenders had decided they will pass on the benefits to their hard pressed clients. Lloyds said they would pass on the full benefit as did HSBC and Barclays. HSBC said it would match any reduction the Bank made and would reduce its standard variable rate to 6.5%.
← FSA may not be given additional powers | News For February 2008 | Norwich Union policyholders reap benefits →
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
This site is intended for UK residents only. The overall cost for mortgages for comparison is % APR.
The actual rate will depend on your circumstances. APR variable and based on a usual case.
Grovelawn Financial is a trading name of Grovelawn Limited, which is authorised and regulated by the Financial Services Authority.
Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Entered on the Financial Services Authority's Register — Register Number: 314204 — Consumer Credit Licence Number: 573287
The Financial Services Authority (FSA) do not regulate some types of buy to let, commercial, overseas mortgages, tax advice and credit or loans not secured on property.