Building societies 'failing their members'

Moneysupermarket.com has called on mutuals to help their customers in this difficult time by reducing their standard variable rates, after only two societies have confirmed they will pass on the base rate cut. Since the Bank of England made its shock 0.5% rate cut last week, only Britannia and Melton Mowbray have announced they will pass on the full reduction to their borrowers. Nationwide, the UK’s largest society, will pass on a portion of the saving with a 0.3% cut while Beverley Building Society has trimmed its SVR by 0.2%. Louise Cuming, head of mortgages at moneysupermarket.com, be...