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A&L to cut SVR by 0.25%

In line with the Bank of England’s recent interest rate cute Alliance & Leicester will be reducing the SVR on its mortgages by 0.25%.

The bank will be changing its SVR for existing mortgage customers from May 2 2008 to 7.19%, down 0.25% from 7.44%. For new customers, the change comes into effect on April 23.

Existing customers on base rate tracker mortgages will see their rates fall by 0.25% from May 1 2008. For new customers, this change comes into effect on April 15.


Banker says crisis over in six months

John Mack, chairman and chief executive of Morgan Stanley, predicts the crisis in US sub-prime and leveraged loans could be over in six months. He says the investment bank would consider buying portfolios of mortgage assets when potential returns become attractive.

CML sets out its agenda for the mortgage summit

With the G7 meeting in Washington over the weekend and a lenders summit with Alistair Darling planned for next week, CML chairman Steven Crawshaw used his address to the Council’s annual lunch in London on Friday to urge the Bank of England to lead a global action plan to alleviate turmoil in the financial markets and to lay down its position ahead of the talks.

Future in secured loans rumour

Future Mortgages is rumoured to have temporarily halted its secured loans business. The Citigroup subsidiary is expected to make an announcement about the rumour this week.

Financing taskforce unveiled

The Treasury taskforce that will aim to help reopen the mortgage-backed securities market will play a major role in stabilising the cost of mortgage deals.


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