BoE savings not passed on by 80% of lenders

The news comes as HSBC announced it is unlikely to pass on any savings from the Bank of England’s expected base rate cut on Thursday. Research by Moneyfacts found half of all lenders had not altered their standard variable rate (SVR) since the Monetary Policy Committee (MPC) made its surprise 0.5% rate cut in early October. Furthermore, 82% have not helped their borrowers by passing on the full savings of the last three base rate cuts, equivalent to 1%. Darren Cook, mortgage expert at Moneyfacts, says this may not be as bad as it seems, as many lenders have relatively low priced SVRs com...