Skipton Building Society has confirmed that it will pass on in full the Bank of England’s 0.25% reduction in interest rates to Standard Variable Rate and Mortgage Variable Rate borrowers.
The UK’s fourth largest building society said it will pass on in full the reduction to all SVR and MVR residential and buy-to-let MVR mortgages.
Skipton’s Standard Variable Rate will move from 4.95% to 4.70%. Skipton’s Mortgage Variable Rate will move from 4.99% to 4.74%.
It also confirmed that rates on the majority of Skipton’s existing variable savings accounts will also be reduced to reflect the reduction in the base rate.
Rates will be reduced by no more than 0.25%, and no rates will be lower than 0.10% as a result.
The change will come into effect from 1 September and the society will write directly to all customers affected should their mortgage or savings rate alter as the result of the change.