Peter Rollings commenting on todays emergency rate cut from the Bank of England
Wed 08 Oct 2008
"Thank God the Bank of England has finally woken up this is the decisive action weve 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."