New research has revealed that the majority of mortgage lenders have yet to reduce their standard variable rates in line with the Bank of England’s base rate cut.
Moneysupermarket.com reports that 78 per cent of lenders have still to pass on the base rate reduction, while a further 37 per cent have announced they will reduce rates from either the end of December or the start of 2008.
Louise Cuming, head of mortgages at the firm, said that a number of mortgage lenders have "given themselves an early festive treat" by waiting to pass on the rate cut.
"In the current economic climate I would have liked to have seen providers showing a little more compassion towards borrowers who have spread themselves thin over the Christmas period," she remarked.
Katie Tucker of John Charcol recently said that the Bank of England’s base rate reduction may have brought "a little relief" to some borrowers, but the cost of funding for lenders remains "too high" for them to implement cuts in their own mortgage rates .
78 of 100 lenders yet to pass on rate cut
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78 of 100 lenders yet to pass on rate cut
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