In the News - Cheltenham & Gloucester
C&G axe tracker mortgage deals after BoE rate cut
Mortgage lender Cheltenham & Gloucester, which is owned by Lloyds TSB, has withdrawn some of its most competitive "tracker" mortgage deals following the Bank of England's decision last night to cut its base interest rate by ½ a per cent. The move will be a blow to many homeowners and first-time buyers hoping that the Government's £500bn bank bailout would reduce the cost of lending. Nationwide, the UK's largest building society, and Abbey, the UK's second-largest mortgage lender, are believed to be planning to follow suit.
The news comes after figures released by the Bank of England last month showed that new mortgage lending in August had fallen by 95% compared to the previous month (reported in 'In the News' on 30 Spetember 2008).
(Sources: Times Online)
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- Cheltenham & Gloucester PLC (-0.07
) - Lloyds TSB Bank (1.71)
- Nationwide Building Society (0.33
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09-Oct-2008 10:55:28
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