Friday 25th August 2006
Although it is now three weeks since the Monetary Policy Committee (MPC) decided to raise the base rate by 0.25, a number of mortgage and savings account providers have still to announce their changes.
Andrew Hagger, the head of news and press at moneyfacts.co.uk, states that on the savings side of things, only just over half of banks and building societies have so far announced changes to their rates, with around three quarters of these firms raising their entire range of variable savings products.
"We’re still awaiting decisions from some of the bigger institutions such as Alliance & Leicester, Barclays, Bradford & Bingley, NatWest, Woolwich, Nationwide and C & G and so looks as if it could be another hectic week ahead," he commented.
Meanwhile, the mortgage picture is far clearer, with around 80 per cent of SVR changes announced.
Mr Hagger explained that a number of firms have increased their rates by more than 0.25 per cent, although Leeds Building Society has only raised rates by 0.24 per cent to 6.74 per cent.
"There are a few announcements still to come, including a couple of big players namely Woolwich & HSBC, but we would expect these to be released very soon," he concluded.
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