SPF points out that some lenders have still not cut their SVRs since the last rate cut in February. Simon Jones, Director of SPF, commented: “The rate cut should be further good news for borrowers. While we call for all lenders to pass on the full quarter per cent at the earliest opportunity, we recommend borrowers opt for tracker-products to benefit from the cut, as some lenders did not even pass on any of the savings after February’s cut. We suggest that borrowers check for the existence of collars when selecting a tracker product, as collars place a limit on how far the rate can fall.”
