Alliance & Leicester to cut SVR by 0.25%

Alliance & Leicester will be reducing the Standard Variable Rate (SVR) on its mortgages by 0.25%. The bank will be changing its Standard Variable Rate for existing mortgage customers from 2 May 2008 to 7.19%, down 0.25% from 7.44%. For new customers, the change comes into effect on 23 April.

Existing customers on Base Rate Tracker mortgages will see their rates fall by 0.25% from 1 May 2008. For new customers, this change comes into effect on 15 April.

Alliance & Leicester will be writing to customers to advise them of their new lower monthly payments.