Byline: Becky Barrow
BANKS may use the small print in mortgage contracts to prevent borrowers benefiting from future interest rate cuts by the Bank of England.
Experts warned yesterday that little-known clauses mean the interest rate paid by borrowers may not fall when the Bank's rate drops.
This represents a major blow for cash-strapped homeowners desperately hoping to see their monthly mortgage bill drop.
Last week, the Bank of England cut rates by 1.5 percentage points to 3 per cent.
But many bank giants did not cut their rates until ordered to do so by the Prime Minister.
With interest rates expected to fall as low as zero, …