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'Cut rates', Darling tells banks
'Cut rates', Darling tells banks
Last Modified: 07 Nov 2008
By:
Katie Razzall
Several major lenders reduce their mortgage rates after CEOs of the high street banks are summoned to a meeting with the chancellor.
Only three lenders took action when the Bank of England dramatically reduced interest rates by 1.5 per cent yesterday.
Since then the rate at which banks lend money to one another has also seen a significant fall and other lenders, including Britain's biggest, the Halifax, have now followed suit.
But the cut will not benefit all homeowners.
Interview: Ray Boulger
Channel 4 News asks Ray Boulger from the mortgage adviser John Charcol, what this means for homeowners on tracker or variable rates, and if those on fixed rate mortgages will be able to change over to take advantage of the cuts.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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