Peter Rollings commenting on today’s emergency rate cut from the Bank of England
"Thank God the Bank of England has finally woken up – this is the decisive action we’ve all been clamouring for. Together with the liquidity measures announced this morning, there is some light at the end of the tunnel for borrowers. A half percentage point cut in the base rate should allow lenders to lower their pricing on a lot of their products – and for those on tracker rates, the pain relief should be almost immediate They could be saving over £60 a month on a typical interest only £150,000 mortgage, and just under £50 a month off a repayment mortgage.
The key is that lenders recognise their responsibilities to pass this cut on to borrowers."
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