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Friday 7th November 2008
The UK government today called in the U.K.'s leading mortgage lenders for a chat about how yesterday's major reduction in UK base rates could be translated into the wider market. The move is seen by many as the ultimate test of the UK mortgage industry's nerve to fight repeated calls to come to the aid of consumers.
While the major lenders of the UK have expressed an interest in passing on Thursdays 1.5% base rate cut it appears that this will not happen immediately and could be filtered in as late as December. While this may be seen as progress by some, leading consumer groups are concerned that the government is taking a soft approach with the mortgage lenders after all of the headlines and promises of weeks gone by. There is a growing opinion that the financial sector is becoming more and more detached from base rates and more focused on the LIBOR which is the key lending rate in the UK for the finance industry.
It will be interesting to see who breaks rank first in the mortgage industry as this would probably result in all of the leaders following suit. |
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