Bank of Scotland (Ireland) and its retail banking arm Halifax will pass on the full 0.5% ECB rate cut announced to mortgage borrowers.

The bank has confirmed that the rate cut will be effective from 1st November 2008 and will be applied to all standard variable mortgage rates for new and existing customers.

Commenting on the move, Antoinette Dunne, Head of Retail and Intermediary, Bank of Scotland (Ireland), said: “We are delighted to pass on the full ECB interest rate cut to our mortgage customers. We are keen to see borrowers feel the benefit of this significant rate cut as soon as possible.”

Existing tracker mortgage customers will see the benefit of this rate cut on 1st November 2008 with new tracker mortgage customers benefiting immediately.