Lenders fail to pass interest rate cut on

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Nearly a fortnight after the Bank of England's monetary policy committee (MPC) lowered interest rates by a quarter point, less than half of UK mortgage lenders have passed on rate cuts to their customers, says Moneyfacts.

Of the 120 UK mortgage lenders only 58 have passed on a reduction to customers since the Bank lowered rates, despite numerous calls from the Council of Mortgage Lenders for interest rates to be lowered to help stimulate a stagnating market. Those that have already passed on the rate cut to their customers include Halifax, Intelligent Finance and Abbey. Rachel Thrussell head of savings at Moneyfacts says: ”We are still waiting for the majority of institutions to make their decisions following the MPC rate cut. Historically this is the pattern we expected to see, with the high street b...

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