Metro Bank cuts SVR by 0.5%
Metro Bank has cut its Standard Variable Rate for mortgages by 0.5%.
The reduction will come into effect from 1 April 2020.
According to the lender, the reduction is in reaction to the Bank of England’s base rate cut.
This reduction follows a number of lenders who have cut the SVR on mortgage products.
A Metro Bank spokesperson said: “Following the Bank of England’s announcement that it has reduced the base rate by 0.5%, Metro Bank will reduce its Standard Variable Rate for mortgages, effective from 1 April 2020.
“Products that are linked to the Bank of England base rate have already been reduced by 0.5%. We are currently reviewing our variable interest rate savings products and will update customers in due course.”