Skipton cuts SVR

Skipton Building Society has announced the reduction of some of its mortgage interest rates.

The firm has lowered is standard variable rate (SVR) following the Bank of England's decision to cut the base rate of interest from 5.25 per cent to five per cent in April.

According to the lender, its new SVR of 6.45 per cent, down from 6.7 per cent, is the lowest of the top ten lenders in the UK.

New borrowers will be able to take advantage of the new mortgage interest rates immediately, while existing borrowers will have to wait until May 1st.

"We have adjusted rates following the MPC [Monetary Policy Committee] decision earlier this month, passing on the full reduction with mortgages on or linked to SVR," said Skipton's head of public relations Jason Clarke.

"We are always conscious that we balance the needs of savers and borrowers, and, in a falling rate environment, we would urge any Skipton customer who is concerned about making their money work hardest for them to contact their branch to discuss the accounts we can offer," he added.

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