Skipton's SVR remains lowest of top 10 building societies

A reduction in the SVR of Skipton Building Society to 6.95% sees it become the lowest of any of the UK’s top 10 building societies - and 0.74% less than other high street lenders, such as Alliance & Leicester, Royal Bank of Scotland and Northern Rock.

In addition, interest rates on Skipton’s savings accounts will decrease by 0.25%, in contrast to other providers, such as Halifax, who have reduced rates by as much as 0.40%.

All changes will take effect from 21 January.

John Goodfellow, chief executive, commented, "With the lowest SVR of any top 10 building society – which is also among the lowest in the entire industry – our borrowers have consistently received a fair deal. And with nine times more savings accounts than mortgages, it’s also worth pointing out how our investors have benefited from our delaying these changes.”