Today’s Daily Mirror revealed that borrowers are suffering because building societies are failing to pass on base rate cuts. Reportedly, lenders are using the need to protect savers as an excuse, but the savings rates on offer have come down too. The paper named and shamed various banks and building societies for the standard variable rates they are currently offering.
The Daily Mail said that over the last 18 months, the number of mortgages on offer has fallen from more than 30,000, to just over 2,500. Worried homeowners and homebuyers wanted to know why banks still won’t lend them their money and experts further emphasised how borrowers need to be squeaky-clean.
The Times noted that figures from the Bank of England show that mortgage rates are falling more slowly than the bank base rate. The average tracker mortgage rate was 3.31pc higher than the base rate in February, while the spread on SVR’s rose to 3.41pc.
