Skiptons cuts SVR
Another UK mortgages for professionals provider has announced a reduction in its rates for borrowers, following this month's base rate cut from the Bank of England.
Skipton Building Society said today that it would pass on the Bank's 0.25 per cent reduction in full, dropping its standard variable rate (SVR) from 6.7 to 6.45 per cent.
This follows similar decisions from a majority of UK mortgage lenders - although some, such as Northern Rock, have opted against such reductions.
Jason Clarke, head of public relations at the society, said: "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."
The Bank of England's base interest rate currently stands at five per cent - down from a peak of 5.75 per cent prior to the credit crunch last summer.
Meanwhile, chancellor of the exchequer Alistair Darling held talks with major mortgages for professionals lenders this week, in order to encourage them to keep their rates for borrowers low.
A £50 billion plan to allow the firms to swap hard-to-value assets for safe bonds has also been agreed - which could also lead to reductions in rates.
Skipton Building Society said today that it would pass on the Bank's 0.25 per cent reduction in full, dropping its standard variable rate (SVR) from 6.7 to 6.45 per cent.
This follows similar decisions from a majority of UK mortgage lenders - although some, such as Northern Rock, have opted against such reductions.
Jason Clarke, head of public relations at the society, said: "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."
The Bank of England's base interest rate currently stands at five per cent - down from a peak of 5.75 per cent prior to the credit crunch last summer.
Meanwhile, chancellor of the exchequer Alistair Darling held talks with major mortgages for professionals lenders this week, in order to encourage them to keep their rates for borrowers low.
A £50 billion plan to allow the firms to swap hard-to-value assets for safe bonds has also been agreed - which could also lead to reductions in rates.
