The average homeowner on a tracker mortgage will see nearly £29 shaved off their monthly payments, following the quarter point cut in the Bank of England base rate, according to industry figures.
Banking and finance industry body UK Finance calculated that the reduction in the base rate on Thursday, from 4.25% to 4%, will mean the typical mortgage holder on a deal that directly tracks the base rate will pay £28.97 per month less, based on the average balance outstanding.
