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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)


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