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Lloyds TSB is to reduce its standard variable rate (SVR) by 1% with effect from January 1. The cut, which also affects borrowers with loans from Cheltenham & Gloucester, will bring the SVR down to 4%.
HSBC has said it will pass on the full 1% cut, reducing its SVR to 4.44%. The change will take effect on January 2. Tracker mortgage customers with the bank will see their rates fall by the full 1% with effect from December 5.
Halifax is reviewing its SVR. It has, however, announced that tracker customers will benefit from a full 1% reduction.
Abbey is also reviewing its SVR, which currently stands at 5.44%. Its tracker customers will have their rates cut by 1% from the start of January.
RBS is reviewing the SVR on its mortgages and those offered through NatWest, which it also owns. It says it will be aiming for "an appropriate balance between the interests of savers and borrowers in any decision it makes".
More details soon ...
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