Major British banks said they would pass on to borrowers the full benefits of the Bank of England�s cut of half a percentage point in interest rates.
Major British banks said they would pass on to borrowers the full benefits of the Bank of England's cut of half a percentage point in interest rates.
Royal Bank of Scotland, Halifax Bank of Scotland, NatWest, Barclays and Lloyds TSB all immediately said they would pass on the cut to homeowners.
HBOS and Lloyds TSB said they will reduce standard variable rates on mortgage products to 6.50% from November 1.
Abbey, HSBC and Alliance and Leicester said their mortgage rates were under review after the Bank's half-point cut to 4.5 per cent in a move co-ordinated with other central banks.
RBS and NatWest's standard variable rate mortages will be cut by 0.5% from 7.19% to 6.69% from November 1.
