Monday, Nov 20, 2006

Lenders quick to raise standard variable rates in line with BoE changes, not so quick to apply changes to savings accounts

Times Online: Mortgage lenders accused of using rate rise to boost profits

Leading mortgage lenders in Britain have been accused of exploiting interest-rate rises to boost profits while failing to pass on the benefits to savers. Vince Cable, the Liberal Democrats Treasury spokesman, has accused the banks of bolstering their very generous profits by magnifying interest-rate increases for borrowers but delaying corresponding increases for investors.

Posted by jellycaster @ 08:57 AM (420 views)
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3 Comments

1. Ilejustwait said...


well we didnt see that one coming did we !!!,

Monday, November 20, 2006 09:08AM Report Comment
 

2. george monsoon said...

What a complete surprise! And there was me thinking that they give you extra.. They certainly do, extra interest on all outstanding Debts...!

Monday, November 20, 2006 10:46AM Report Comment
 

3. little professor said...

Not exactly news, this happens every time rates change.

Monday, November 20, 2006 02:03PM Report Comment
 

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