Bank Rate Cut but Building Societies Increase Mortgage Rates

March 2020 – Some building societies, including Nationwide, Yorkshire and Leeds, have increased their fixed-term mortgages despite a steep interest rate cut by the Bank of England designed to ease the pressure on borrowers.

Some societies increased charges on loans after the Bank of England cut the base rate from 0.75pc to 0.25pc.

A cut should result in mortgages becoming cheaper – saving families hundreds of pounds and easing any financial pressure as the coronavirus outbreak brings the country to a halt.

Telegraph Report