22-02-2008
Moneyfacts surveys mortgage market after base rate shift
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
An appraisal of the UK's mortgage market has been offered by Moneyfacts.co.uk, following the decision by the Bank of England to reduce interest rates.
Since interest rates were reduced earlier this month, the comparison site has observed a total of 57 mortgage providers making changes to their standard variable rate (SVR), with eight reducing their SVR by less than the Bank's recent 0.25 per cent interest rate reduction.
"Many of the big lenders were uncharacteristically quick off the mark to announce their intentions," said Moneyfacts.co.uk.
"However, on closer inspection, none of the top five biggest lenders has any current mortgage products linked to SVR."
And in relation to Northern Rock decision to reduce its SVR by 0.1 per cent, Moneyfacts.co.uk has confirmed its lack of surprise by the move.
With interest rates currently set at 5.25 per cent, the next interest rate decision by the Bank's monetary policy committee is expected to take place on March 6th.