Interest rates cut by 1.5%

katealpha

New Member
Sep 1, 2008
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Interest rates are cut by 1.5% but will lenders pass it on? I have a base rate tracker mortgage so my lender has to pass on the cut but lenders have no obligation to pass on cuts to those with standard variable rate mortgages. Is this right?
 

GlasgowGirl

Facilitator
Jul 22, 2008
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Yup, that's right as far as I understand it. I've just gone on to my lender's variable rate, having been on a fixed rate for the last few years. They did pass on the last rate reduction so I'm reasonably hopeful that I'll see something out of this - I'm with Nationwide, who I think are generally OK at passing on rate cuts.