Britains largest banks are making £2 million a day by withholding last weeks quarter point interest rate cut, The Times reports today.
The countries biggest mortgage lenders, including Abbey, Halifax, Nationwide and Woolwich were quick to follow the line of the Bank of England, by passing the saving on to their customers on variable rate mortgages.
However those borrowers with tracker or discounted mortgages will have to wait until March 1st for their repayments to fall. Meanwhile it is estimated that the banks will make an extraordinary £50 million by not passing the rate cut on to these borrowers for three weeks.
The report suggests that some borrowers face an even longer wait for the rate cut to be effective, with lender BM Solutions, part of Halifax, telling customers they will have to wait until May for their rates to be revised.
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