Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Interest rate cuts may not benefit UK borrowers

Staff Reporter 1 minute read

The Bank of England’s Monetary Policy Committee reduced interest rates yesterday by 0.25 percentage points to 5.25 per cent due to moderating consumer spending and slowing output growth.

Advertisement
Advertisement
lass="MsoNormal"> The Bank of England’s Monetary Policy Committee reduced interest rates yesterday by 0.25 percentage points to 5.25 per cent due to moderating consumer spending and slowing output growth.

The Council of Mortgage Lenders (CML) welcomed the cut in interest rates but warned consumers that the cut may not translate into reductions in mortgage costs due to the recent rise in funding costs for lenders.

"Borrowers should not expect that a base rate reduction will automatically result in a cut in standard variable rates or discounted rates across the market,” director general of CML Michael Coogan said.

Interest rate cuts may not benefit UK borrowers
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
arrow up increase ta Major bank hikes fixed rates amid turnaround time debacle

A big four bank has announced that it has increased its fixed rat...

parliament house ta Government overstates JobKeeper uptake

A “reporting error” identified by Treasury and the ATO has re...

meeting top view ta Loan Market sees surge in repricing enquiries

While refinancing has been rising recently, Loan Market’s execu...

FROM THE WEB