B&B joins Abbey as rate cut pressure mounts

Other mortgage lenders have come under intense pressure to announce their own rate cuts, with the Government and the media calling for them to pass the savings on to borrowers. Abbey says it will reduce rates for all variable rate customers by 1.5% following the Bank of England’s historic rate cut. Lloyds TSB announced it would pass on any savings prior to the central bank’s announcement. B&B said it will cut rates for all customers on its product variable rate (PVR) and says 90% of its customers are on mortgages linked to this rate, or fixed rate products that revert to PVR. However, t...