• Most Popular
  • Most Shared

HBOS to pass on BoE cuts in full to tracker mortgages

Thu Dec 4, 2008 8:01am EST

* HBOS to pass on any rate cut to tracker mortgages

* Move comes ahead of BoE rate decision at 1200 GMT

(Adds detail)

LONDON (Reuters) - Britain's biggest mortgage provider, HBOS Plc HBOS.L, said it will pass on any Bank of England rate cuts in full on its tracker mortgage products, ahead of the central bank's decision at 1200 GMT on Thursday.

The BoE is expected to cut interest rates to their lowest level in more than half a century after a surprise 1.5 percentage point reduction to 3 percent last month.

HBOS said it will wait until the BoE of decision before considering any change to its standard variable rate.

"As always, no decision will be taken on the Standard Variable Rate (SVR) until after a decision by the Monetary Policy Committee," said HBOS.

(Reporting by Lorraine Turner)



More from Reuters

Photo

U.S. probing if al Qaeda linked to airplane incident

WASHINGTON (Reuters) - The United States is investigating whether al Qaeda was involved in a Christmas Day attempt to blow up a passenger jet, but there is no early evidence the Nigerian suspect in the case was part of a larger plot, a senior U.S. official said on Sunday. | Video

A Delta Airbus 330 airliner sits on a runway at Detroit Metropolitan Airport in Romulus, Michigan in this video grab made December 25, 2009. Credit: REUTERS/WDIV TV/Handout

The battle in mid-air

The attraction of bombing airliners means the aviation industry has to be constantly vigilant in its fight against attackers.  Full Article 

A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article