Probably the best Christmas present of all for homeowners with a mortgage. Two of the UK’s largest mortgage lenders have announced, that as of today they will be dropping their standard variable rate, to allow their customers to fully benefit from the reduced base interest rate that the Bank of England announced just yesterday.
Halifax and Nationwide have dropped their standard variable interest rates by 0.25%, so their borrowers can take advantage of the savings.
This will bring a smile to many peoples faces as customers who have loans or mortgages with either of these companies will be paying slightly less a month now - brilliant timing with Christmas just around the corner.
First Direct have since announced they will be doing the same. If the pressure mounts, it can only lead to other mortgage lenders doing the same. Great news for those with mortgage repayments, especially if your fixed rate deal is due to end soon.
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