The cut is in line with the Bank of England’s decision to reduce the base rate, according to Aldermore Bank.
Aldermore Bank has confirmed it will be reducing its variable mortgage rates by 0.65%.
The cut is in line with the Bank of England’s decision to reduce the base rate, according to Aldermore Bank.
As a result, customers with mortgages linked to the BoE base rate will see their mortgage rate drop by 0.50% on 1 April 2020, and then by a further 0.15% on 1 May 2020.
The bank’s standard variable mortgage rate will decrease from 5.23% to 4.58% for new and existing customers from 1 May 2020.
Furthermore, the bank added that customers affected by this announcement will be informed of the changes to their account in line with their account terms and conditions.
