How has your lender responded to the rate cuts?

Published:: 12 February 2009
Topic:: News,Money,Mortgages

The Bank of England has slashed interest rates by 4.5 percentage points since October, taking the Bank rate from 5% to 0.5%. But despite the Government urging mortgage providers to pass on the rate cuts in full, many haven't.

So how has your lender responded to the recent interest rate reductions? The table below shows the changes made to SVRs by the 20 largest residential mortgage providers.

	Rate Reduction
Lender	Standard Variable Rate (SVR)	October 2008	November 2008	December 2008	January 2009	February 2009	March 2009	Total reduction since October
Bank of England base rate	0.5%	-0.50%	-1.50%	-1.0%	-0.50%	-0.5%	-0.50%	-4.5%
Abbey	4.24%	-0.15%	-1.50%	-0.50%	-0.25%	no change	-0.45%	-2.85%
Alliance & Leicester	4.99%	-0.25%	-1.10%	-0.50%	-0.25%	-0.10%	no change	-2.20%
Barclays/Woolwich	4.49%	-0.50%	no change	-1.15%	no change	-0.50%	-0.50%	-2.65%
Bradford & Bingley	4.59%	no change	-1.50%	-0.75%	no change	-0.25%	no change	-2.50%
Bristol & West	3.49%	-0.50%	-1.10%	-1.00%	-0.50%	-0.50%	no change	-3.60%
Britannia Building Society	4.49%	-0.50%	-1.00%	-0.31%	-0.25%	-0.25%	no change	-2.31%
Chelsea Building Society	5.79%	-0.30%	-1.15%	no change	no change	no change	no change	-1.45%
Coventry Building Society	4.74%	-0.25%	-1.50%	-0.35%	-0.25%	no change	no change	-2.35%
Clydesdale & Yorkshire Bank	4.59%	-0.50%	-1.50%	-0.15%	-0.25%	-0.15%	no change	-2.55%
Halifax	3.50%	-0.50%	-1.50%	-0.25%	-0.25%	-0.50%	-0.50%	-3.50%
HSBC	3.94%	no change	-0.81%	-1.00%	-0.50%	no change	no change	-2.31%
Leeds Building Society	5.49%	no change	-1.15%	no change	-0.45%	no change	no change	-1.60%
Lloyds TSB/C&G	2.50%	-0.50%	-1.50%	-1.00%	-0.50%	-0.50%	-0.50%	-4.50%
Nationwide Building Society	2.50%	-0.30%	-1.50%	-0.69%	-0.50%	-0.50%	-0.50%	-3.99%
Northern Rock	4.79%	-0.15%	-1.50%	-0.50%	-0.25%	-0.30%	no change	-2.70%
Royal Bank of Scotland	4.0%	-0.50%	-1.50%	-0.75%	-0.25%	-0.19%	no change	-3.19%
Skipton Building Society	3.50%	no change	-0.50%	-0.95%	-0.50%	-0.50%	-0.50%	-2.95%
Standard Life Bank	5.34%	-0.50%	no change	-0.80%	-0.25%	-0.20%	no change	-1.75%
West Bromwich Building Society	5.84%	no change	-1.25%	no change	no change	no change	no change	-1.25%
Yorkshire Building Society	4.99%	-0.30%	-1.00%	-0.61%	no change	no change	no change	-1.91%