Libor cut is good news for many landlords

The three month Libor rate fell to 4.50% on Friday, putting it 1.81% below its rate on the 1st October, when it stood at 6.31%.

At the start of last week the rate stood at 5.77%, as a result of the 1.5% in base rates the Libor has gone down by 1.27%, giving mortgage lenders the potential to cut rates. The overnight Libor rate has now fallen to 3.21%.

The British Bankers Association (BBA) said: "Following yesterday's dramatic interest rate cut from the Bank of England high street banks have today responded by cutting their borrowing rates."

This is great news for many landlords struggling to meet BTL mortgage repayments.

Your darling Margo.

Bringing sunshine to landlords in this gloomy weather.