Jul 15
Banks and building societies have been put under fresh pressure to cut their mortgage rates after the rate at which they lend to each other fell to the lowest level for more than 20 years. The rate, known as Libor, fell below one per cent for the first time since it was set up in 1986. This means that banks, in theory, have never been able to borrow money so cheaply. However, home buyers have failed to benefit, with the average two-year tracker rate mortgage for new customers
