Borrowers with standard variable rate mortgages from Northern Rock will not benefit from the recent rate cut by the Bank of England.
US private equity firm Cerberus Capital Management bought £13bn of Northern Rock mortgages from UK Asset Resolution in November, passing on £3.3bn to TSB.
While Cerberus has not reduced the standard variable rate on the loans, TSB has cut the interest rate on its part of the loans.
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