Interest Rates Cut

0.25% was cut off the base rates yesterday, much to the relief of hard pressed mortgage payers. This is the first interest rate cut for 2 years. But economists fear that the rate might have to be reduced to 4% within the next 12 months to revive the economy.

But not all banks have cut all of their rates. Those on Base Rate Trackers should see immediate relief - about 30% of borrowers. And in some cases Standard Variable Rates have been cut, but not across the board.