Good news for all tracker mortgage holders: you're about to save a packet on your mortgage thanks to the 1.5% rate cut the Bank of England announced this morning.
Sadly, it's not good news for savers and I can guarantee the banks will be dropping these rates much quicker than they will drop their mortgage rates.
Those on a standard variable rate mortgage may sadly only see some of this chop; not all the banks have been very good at passing on the recent rate cuts and I don't think they'll be passing on this whole 1.5% cut to their standard variable rate customers.
Lets just hope this has the desired effect and stimulates the market place and gets people shopping.
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