The Industry claim that their hands have been tied when it comes to passing on rates to SVR mortgage customers because they borrow at the Libor rate rather than the base rate. However, since the 5th November, Libor rates have fallen by significantly more than the base rate. So, what are they waiting for?"
“Banks have been benefiting from this Libor cut and to date, none of them has passed on the full cut. If the Interest rate is cut again on December 4, it will be even more important for banks to cut their rates and give consumers the break they deserve.”
