Hundreds of thousands of homeowners hoping to see a major reduction in their mortgage payments in the new year, after the reduction in the Bank of England base rate to 2 per cent, may find themselves disappointed – as not all the banks that have taken a government cash injection are passing on the full rate cut.
While Lloyds TSB was one the first of the big banks to confirm that it will cut rates on existing variable and tracker-rate mortgages by the full 1 per cent, Halifax - Britain’s biggest mortgage lender - said its standard variable rate (SVR) will fall by only 0.25 per cent, to 4.75 per cent.
