Stafford Railway Building Society today announced it will slash interest rates on all residential mortgage products to 2.95%.
Following the Bank of England’s decision to lower the base rate, the building society announced it will pass on the reduction to all residential mortgage borrowers from October 1 2016.
Susan Whiting, chief executive of Stafford Railway Building Society, said: “The action we are taking in reducing the standard variable rate across our residential mortgage range benefits both our existing members and new borrowers.”
The change will see borrowers receive a cut of 0.25% on the society’s SVR. For most borrowers this will reduce the rate from 3.2% to 2.95%.
Whiting added: “As a society we provide simple mortgage products that are available at competitive rates with no product fees. Also, we continue to support individuals who want to borrow past their retirement age, with our entire range of residential mortgages available to be repaid by their 85th birthday.”
The building society currently holds the lowest SVR in the country for mortgages up to 75% LTV.