Will you benefit from a rate cut?
Updated on 05 December 2008
Banks and building societies are coming under increasing pressure to pass on the latest cut in interest rates to home owners - which are doing so?
The interest rate was cut by one percentage point this week - taking it to its lowest level since 1951 - prompting hopes the cost of mortgage repayments would fall.
But many institutions have been slow to pass on the cut, with scores of lenders saying their standard variable rates (SVRs) are still "under review".
December changes
The following banks and building societies have announced changes to their standard variable rate mortgages.
Lender: old SVR rate - new SVR rate (percentage point change)
Birmingham Midshires Solutions*: 5.44 per cent - 4.84 per cent (-0.60)
Bradford & Bingley*: 5.59 - 4.84 (-0.75)
Bristol & West Mortgages: 5.49 - 4.49 (-1.0)
First Direct: 4.69 - 3.69 (-1.0)
Giraffe Money*: 5.49 - 4.49 (-1.0)
Halifax: 5.00 - 4.75 (-0.25)
HSBC: 5.44 - 4.44 (-1.0)
Lloyds TSB/Cheltenham & Gloucester: 5.00 - 4.00 (-1.0)
Nationwide*: 4.69 - 4.00 (-0.69)
NatWest/RBS*: 5.19 - 4.44 (-0.75)
Standard Life*: 6.59 - 5.79 (-0.80)
Woolwich/Barclays: 6.64 - 5.49 (-1.15)
Source: Moneyfacts
* Change announced 5 December 2008.
All other changes announced 4 December 2008.
Most changes will take effect on 1 January 2009.
The longer-term picture
The country's biggest mortgage lenders have made the following changes to their interest rates over the past two months:
Lender: standard variable rate (SVR) rate before November 1.5 point interest rate cut - SVR after November interest rate cut - SVR after December 1 point interest rate cut (extent of most recent cut in brackets)
HBOS: 6.5 per cent - 5 per cent - 4.75 per cent (-0.25)
Nationwide BS: 6.19 - 4.69 - 4 (-0.69)
Abbey:6.94 - 5.44 - under review
Lloyds TSB/ C&G: 6.5 - 5 - 4 (-1.0)
Northern Rock: 7.34 -5.84 - under review
Barclays/Woolwich: 6.64 - no change - 5.49 (-1.15)
Yorkshire BS: 6.60 - 5.60 - under review
GE Money: 10.39 - 8.44 - under review
Coventry BS: 6.84 - 5.34 - under review
Clydesdale & Yorkshire: 6.64 - 5.14 - under review
Chelsea BS: 6.94 - 5.79 - under review
First Direct: 5.50 - 4.69 - 3.69 (-1.0)
NatWest/RBS: 6.69 - 5.19 - 4.44 (-0.75)
HSBC: 6.25 - 5.44 - 4.44 (-1.0)
Alliance & Leicester: 6.94 - 5.84 - under review
Standard Life*: 6.59 - 6.59 - 5.79 (-0.80)
Bradford & Bingley: 7.09 - 5.59 - 4.84 (-0.75)
Bristol & West: 6.59 - 5.49 - 4.49 (-1.0)
Britannia BS: 6.30 - 5.30 - under review
