The Bank of England's move to cut interest rates by 0.5% to 4.5% today is starting to filter down to consumers as several mortgage lenders announce rate cuts.
Woolwich is cutting its standard variable rate (SVR) by 0.5% and all customers on base rate trackers will also see their rates cut by 0.5% with effect from 1 November. For new customers, all rates will come into effect from tomorrow, Thursday 9 October. Andy Gray, head of mortgages for the Woolwich, says: "The base rate cut is a welcome move for millions set against the background of a slowing housing market. Today's move to reduce mortgage payments is good news and will instil confidence, helping customers with their finances." Meanwhile, Halifax will reduce its standard variable ...
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