Last week’s cut in the Bank of England Base Rate dominated the weekend’s financial press, as experts discussed the impact on borrowers and savers.
The Times and the Guardian reported on which lenders had been quick to act when it came to reducing their Standard Variable Rates, and the payable rates on their tracker mortgages, and which lenders had yet to confirm their intentions.
The Mail on Sunday reported on figures from the Council of Mortgage Lenders, revealing that around 1.5 million homeowners currently have tracker mortgage. The move will of course come as welcome news for these borrowers, and especially those who took lifetime mortgages a number of years ago at just a fraction above the base rate.
In other news, the Guardian looked at RentPlus, a rent-to-buy housing scheme where tenants pay 20% less rent than they would on the open market, and receive a 10% gifted deposit after 10 years to help them buy the property.
The Sunday Times highlighted that 13 of the 44 UK building societies now have no upper age limit and assess applications on an individual basis. Experts agreed that lenders are finally responding to the needs of a fast-growing area of the market.
What the papers said about the base rate cut