LONDON (AFX) - Mortgage lenders Halifax PLC, Nationwide, HSBC Holdings PLC and VirginOne have lowered their lending rates following the base rate cut by the Bank of England's Monetary Policy Committee. Halifax is reducing its variable mortgage rate to 6.5 pct from 6.75 with immediate effect for new customers. It said the mortgage rate will decrease from May 1 for existing borrowers.
Nationwide also said it would be moving in line with a base rate cut, meaning its "base mortgage rate" drops by the full 25 basis points to 6.24 pct from 6.49.
HSBC also confirmed that it will cut its homebuyer mortgage variable rate to 6.25 pct from 6.5. For those borrowing over 250,000 stg HSBC has cut its rates to 6 pct from 6.25.
And Virgin One is dropping mortgage rates for its One account customers by 0.25 pct. Its new headline mortgage rate is 6.7 pct, effective from midnight today. Its deposit account rate now stands at 5 pct.