Halifax and IF lower SVRs as Industry welcomes rate cut

IF says variable rate mortgage borrowers will save over £1.25bn in interest over the course of the next year, assuming all lenders follow its lead. A typical mortgage borrower with a £100,000 variable rate mortgage will be £250 a year better off if their bank passes on the full benefits of the rate cut, it says. Meanwhile, Halifax says it will be reducing its standard variable rate with the 0.25% reduction coming into effect for borrowers, including tracker mortgage customers, from 1st September 2005. The City has been quick to welcome the announcement with most analysts – seeming mildl...