Base rate cut only passed on by 25% of lenders

Research by Moneyfacts.co.uk indicates the central bank’s aim of reducing the debt burden for households may not be achieved. Darren Cook, mortgage expert at Moneyfacts.co.uk, says cutting Standard Variable Rates (SVR) when the Bank of England reduces base rates is becoming increasingly important for borrowers as many are unable to remortgage in the current climate. “At the crest of the mortgage market wave, it was likely that only households with a small outstanding mortgage balance, those negotiating their next new deal or those that just simply fell through the advisory net would have ...