Aldermore cuts variable rates by 0.65%
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.