www.iva.co.uk

The BOE has just cut interest rates by 1.5%.
http://news.bbc.co.uk/1/hi/business/7713006.stm

wow come on old halifax pass it on please !!!!![8D]

It'll be passed on instantly to savers, but what's the betting people with mortgages don't see a cut?

i think they will but not the full % i thought it was worse for savers when it drops?that wont affect me then [V]

Have just spoken to my mortgage company. My fixed rate ends middle of next year. Then if the base rate stays the same I will be better of by about £30.00 pm. So some banks are passing it on.

Apparently Northern Rock have announced an INCREASE in their rates!! What planet are they on? A colleague of mine, comfortably off, recently had their fixed rate end with NR but decided they would continue with them as they could easily afford the new rate and couldn't be bothered looking for a better deal. They had a devil of a job persuading NR to allow them to continue. NR assured them they would get a better deal elsewhere and they were being very foolish continuing woth NR!!! They are desperately trying to get rid of their customers. What kind of bank is that??

the one that offered us 120% mortgages and the one that is partly to blame why the economy is in such a mess!!!!!

I cannot see this passed on to Mortgage borrowers. I don't think they did last time.

Lloyds TSB announced it was passing on the full 1.5% cut in interest rates to its variable rate mortgage customers. The group, which also lends under the Cheltenham & Gloucester brand, is reducing its standard variable mortgage rate (SVR) from 6.5% to 5% from November 1.
But other lenders were slower to respond, with all of the major groups, including the UK's biggest lender Halifax, saying their rates were under review.

here we go rayb i hope the rest follow

Northern Rock are known to be trying to reduce their exposure in the domestic mortgage marketplace, and in fairness have been encouraging existing customers at the end of fixed rate deals to shop around and look for a better rate.

The problem seems to be that other lenders are scared of lending more than 70-80% loan to value to anyone in an insolvency or debt management scenario.

Banks will have to pass the rate change on - but some will limit the reduction no doubt to perhaps 1%.

i see petrol down to 92p also i hope the same happens with gas and electric i assume it will because i have just had a letter from my provider offering to cap at exsisting rates this is another move to try and rip us off because they will stay at capped rate if it drops and they come across as if they are helping you what a joke!!!

sorry if i seem a bit harsh today i am at war with the world today [V]and i have got the backshift blues

The last cut was partially passed on by my mortgage lender (a mutual society) but not fully as they said they had to pay more into the pot to cover the likes of Bradford and Bingley etc, they also cancelled at the same time the 2 yr deal I was on as, presumably, it wasn't profitable anymore.

I am hoping that the full cut finds its way through this time, although when that may happen is anyones guess.

Regards.

Peter Mandelson, the Business Secretary, warned banks that customers will not accept their decision if they fail to pass on interest rate cuts. Speaking during a trip to the Gulf with banking chiefs he said that the public would be left "surprised and disappointed" by any failures to act.

go on peter get them told !!!!

Those borrowers on standard variable rate mortgages will see the average monthly payments on a £150,000 mortgage fall by around £138 - if the cut is passed on in full.

i would say ip`s are going to have a field day at our next reviews[:I]

I bet the banks are quaking in their boots now!