Many lending institutions have still not reduced rates months after the Bank of England reduced the base rate to a record low. The mostly small building societies are still holding out four months after the rate was cut to only 0.25%. The only bank not to cut rates, First Direct, says it already has one of the lowest rates on the market. Newcastle Building Society justified its higher rate by saying it needed to consider the interests of savers as well as borrowers.

Lenders refuse to reduce mortgage rates months after the Bank of England cut interest rates – This is Money