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Barclays becomes next lender to cut rate

Barclays is the latest major lender to cut its standard variable mortgage rate by 0.25 per cent.


The cut will be effective from February 1 reducing the rate to 7.45 per cent.


Barclays Mortgages marketing director Jim Chadwick says: &#34We are pleased to be able to pass on the Bank of England&#39s base rate cut to our mortgage borrowers. We feel that this will boost consumer confidence and further stabilise the housing market.&#34

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Lenders follow MPC lead and cut rates by 0.25 per cent

Major lenders are cutting their standard variable mortgage rates by 0.25 per cent mirroring the Bank of England&#39s Monetary Policy Committee&#39s base rate cut.Halifax and Cheltenham & Gloucester&#39s new rate is 7.45 per cent. The cut takes the Nationwide&#39s rate to 6.95 and Royal Bank of Scotland&#39s to 6 per cent.

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