NRock and Lloyds among worst offenders for mortgage rates

The price comparison website reveals, on average, rates for new borrowers have fallen by just 1.3% in the past 12 months to 5.12%. This is despite the Bank of England cutting interest rates from 4.5% to 0.5% over the same period. Some lenders have cut rates by less than 1.3%, with the two semi state-owned banks among some of the worst offenders. Northern Rock reduced its rate for new borrowers by just 0.27%, leaving it at 6.42% while Lloyds TSB's average mortgage rate had dropped just 0.73% to 5.42%. The best rate currently for new borrowers was offered by First Direct, which has f...