Half of mortgage lenders not passing on BOE interest rate cut

The BOE cut interest rates to a seven and a half year low of 0.25% in August, expecting it would prompt lenders to cut rates for customers on variable rate products. But finance portal Moneyfacts said the initial reaction hadn't been as positive as may have been expected. Finance expert Charlotte Nelson said: "Borrowers would have assumed that a 0.25% cut in base rate would make them financially better off, particularly if they were on a variable rate. However, this is unfortunately not the case, with just under half of providers failing to pass this cut on to their Standard Variable ...