No. Lenders are not obliged to pass on any of their saving to the Consumer. Only contractual mortgage deals, like Base Rate Trackers (new deals of which are currently all being withdrawn) will see the benefits. Discounted rates from the Lender’s Standard Variable Rate may change at the discretion of the Lender. Those on Fixed Rates will not see any difference. Big deposits are needed to buy a new place and any blemish at all on people’s credit records is seen as Very, Very Serious Indeed.
Lenders are all sheep.

 

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