Monday, November 20, 2006

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

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 (446 views)
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3 thoughts on “Lenders quick to raise standard variable rates in line with BoE changes, not so quick to apply changes to savings accounts

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

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

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  • little professor says:

    Not exactly news, this happens every time rates change.

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