Skipton: No change for SVR mortgages

Monday, 27 October 2008 12:00

Skipton Building Society revealed it would not be reducing its standard variable rate (SVR) on mortgages despite the recent cut in the base rate.

However, it said the 0.50 per cent cut in interest rates imposed by the Bank of England earlier this month, would not be passed on in full to its savers.

Steve Aldous, general manager of sales and marketing for the building society, said that while the SVR would remain at 6.45 per cent, this rate was still among the lowest on the market.

He said: "We are committed to offering long-term value to both our savers and borrowers. Our SVR continues to be lower than the overwhelming majority of mortgage lenders.

"For most borrowers on other lenders' SVRs, their monthly payments will still be higher than those of Skipton borrowers - even after any rate cut is passed on."

Skipton cut its base rate tracker mortgages on October 23rd by 0.50 per cent.

The full details of new savers rates would be announced shortly, Skipton said, and would become effective from November 3rd.

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