Which lenders are reducing rates?
- 10th December 2008
- Buying Property News
As the Government hoped, many major lenders are now choosing to pass on some of the rate cut.
For the first time in two years more buyers are entering the property market bringing hope, along with rate cuts, for the stagnant property market. A recent report from the Royal Institution of Chartered Surveyors (Rics) highlights how 14% more surveyors saw an increase in buyers and that the number of homes being sold has drastically fallen.
Rics spokesman Jeremy Leaf said: "Many are starting to see the current market as an opportunity to purchase a previously unaffordable property despite the worsening economic picture."
Stephen Ludlow comments:"We are still selling property where prices are realistic, and we now hope that this combination of kick-starts will give buyers and sellers more confidence."
Lenders rate cuts:
Bank of Ireland has cut its SVR 1% to 4.49%
Barclays has cut its SVR by 1.15% to 5.49% (no cut was made in November)
Bristol & West has cut its SVR by 1% to 4.49%
Cheltenham & Gloucester has cut its SVR by 1% to 4%
First Direct has cut its SVR by 1% to 3.69%
HSBC has cut its SVR by 1% to 4.44%
Halifax Bank of Scotland has cut its SVR by 0.25% to 4.75%
Lloyds TSB has cut its SVR by 1% to 4%
Nationwide has cut its SVR (base mortgage rate) by 0.69% to 4%
Natwest has cut its SVR by 0.75% to 4.44%
Royal Bank of Scotland has cut its SVR by 0.75% to 4.44%
Woolwich has cut its SVR by 1.15% to 5.49% (although no rate cut made in November)
We hope that the combination of kick-starts will give buyers and sellers more confidence.
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