The midweek money pages primarily looked at how the recession is affecting the retirement plans of thousands of workers, yet there was still room for a few mortgage-related articles. As noted in the Times, the Financial Services Authority has said this week that more than half a million Halifax customers on tracker mortgages should benefit from further interest rate cuts, even though the small print on their loans supposedly prevents them from doing so. The Daily Express looked at how some homebuyers are being prevented from reaping the benefits of recent interest-rate cuts, as lenders bar them from the cheapest mortgage deals. After last month’s surprise base-rate cut of 1.5 per cent the Government publicly insisted lenders cut their SVR’s by the same amount. But experts pointed out that just one in 10 of Britain’s borrowers holds an SVR mortgage. Finally, the Daily Mail noted that Royal Bank of Scotland has been accused of playing dirty with One Account customers over the last cut in the Bank of England base rate. While most borrowers with the bank will receive the full 1.5 percentage point reduction in their mortgage rate, One Account customers will only get a 1 percent reduction.
What the papers say - 3rd December 2008