Woolwich has also reported that apart from the cut in standard variable rate (SVR) that will take effect from March 1, 2008, all customers on base rate trackers will also see their rates cut by 0.25 per cent.
Andy Gray, head of mortgages for the Woolwich, said: The base rate cut is a welcome move as the housing market is slowing considerably and mortgage affordability is stretched at the moment. However, no one needs to be on a standard variable rate mortgage. We would encourage all borrowers to make sure they get the best deal available and there are always better deals than the SVR. Even when promotional deals come to an end customers should make sure the product reverts to a competitive rate. For instance all Woolwich fixed and tracker products revert to a rate that tracks base rate not SVR.
