ABOUT 750,000 London homeowners can look forward to lower mortgage bills next month following today's historic cut in interest rates.
Between 40 and 50 per cent of mortgage holders will get some benefit from the 0.5 per cent reduction. However, it was unclear how much lenders would cut - if anything - from their rates for new borrowers.
Nine out of 10 homeowners with tracker mortgages and many on standard variable rates will be told their repayments will come down in line with the Bank of England's base rate.
But tracker borrowers with the Nationwide and some smaller building societies such as the Skipton and Yorkshire will not receive a windfall.
