After the latest cuts in interest rates banks are coming under further pressure to pass these cuts onto their mortgage customers. Some of the major lenders passed on these 1% cuts in interest rates immediately to those customers with variable-rate mortgages. The UK’s biggest lender HBOS has said that they will only pass on 0.25 of a percentage point onto their customers. Nationwide, the UK’s biggest building society, was also only going to offer a cut of 0.25 but late on Thursday evening decided that they would pass on the full 1% to existing tracker customers.
After the recent bailout to banks from the government it is shocking to think that they are not going to pass these savings on to their customers. Taxpayers money has been pumped into these organisations yet the taxpayers who would expect to gain from the cut in interest rates have not. Let us know your views on this matter.
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