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A&L reduces standard variable rate following base rate cut

Alliance & Leicester is responding to the Bank of England’s base rate cut this week by reducing the standard variable rate on its mortgages by 0.25 per cent.
The bank will be changing its SVR for existing mortgage customers from May 2 to 7.19 per cent, down 0.25 per cent from 7.44 per cent.

For new customers, the change comes into effect on April 23.
Existing customers on base rate tracker mortgages will see their rates fall by 0.25 per cent from May 1. 

For new customers, this change comes into effect on April 15.
Alliance & Leicester will be writing to customers to advise them of their new lower monthly payments.


Mercer & Hole snaps up Nightingale

Mercer & Hole has acquired Nightingale Associates in a bid to boost its financial services department.The company will set up a limited liability partnership which will trade as Nightingale Associates. Nightingale’s current managing director Michael Lockyer will keep a minority share in the firm and will continue in his role.Mercer & Hole’s existing financial services […]

Cable says fall in house prices just the beginning

Liberal Democrat Shadow Chancellor Vince Cable believes the 2.5 per cent fall in house prices recorded by Halifax is only the start of a market downturn.He says: “These figures confirm the market was overvalued and due a painful correction. But we are only at the early stages of a market fall. The wheels are clearly […]

Firms under fire for defending lenders

SimplyBiz and Mortgage Next have hit out at an open letter to brokers signed by mortgage clubs and networks, suggesting its support for lenders shows a lack of loyalty to brokers and borrowers.

FTBs face 35% hike in mortgage fees

First-time buyers could face a 35 per cent increase in their mortgage fees, according to The online mortgage company says bigger fees, smaller discounts and higher rates are three factors affecting the price of first homes.It says average fees on the top five first-time buyer mortgages have shot up by around 35 per cent […]


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