Lender cuts &quota step in the right direction&quot

Moneyfacts.co.uk have welcomed the decisions by a number of high profile lenders to reduce some of their mortage rates.
Nationwide, Abbey, Cheltenham & Gloucester, Northern Rock and Woolwich have all reduced rates during the first week of October.
Louise Holmes, spokesperson at Moneyfacts.co.uk, has welcomed the moves as “positive steps””.