Adam Williams of The Telegraph says homeowners who have variable-rate mortgages with some of the country’s biggest mortgage lenders will see their interest rate cut by 0.5% from April 1.
Following the Bank of England’s decision to reduce the base rate by 0.5%, Lloyds Bank, Halifax, Bank of Scotland and Barclays have announced they will pass on the saving to mortgage holders from April 1.
Aaron Strutt of Trinity Financial told The Telegraph: “Many of the lenders have been caught by surprise with the timing and size of the base rate cut so they will be busy working out what to do.
“Even though fixed and tracker rates are incredibly cheap, a Bank Rate reduction of 0.5% has to have some impact on the price of new mortgages. It would not surprise me if rates came down again over the next few weeks.”