Friday, December 7, 2007
Halifax cuts from 7.75% to 7.50%; Nationwide cuts 7.24% to 6.99%
Leading mortgage lenders have responded to the Bank of England's interest rate cut, fully passing it on borrowers. Halifax and Nationwide were the first to reduce their standard rates after the Bank reduced the UK base rate from 5.75% to 5.5%. Passing on the cut in full will knock between £15 and £20 off the monthly repayments on a £100,000 mortgage.