Skipton's SVR remains lowest of top 10 building societies

Skipton Building Society has announced that, in response to the cut in Bank of England Base Rate, it will reduce its SVR to 6.45% from 6.70%.

This is the lowest SVR of any Top 10 building society and 0.65% lower than Halifax. This change will be effective immediately for new mortgage applications from 1st May for existing borrowers. In addition, the vast majority of savers will see their rates reduce by 0.25% as a result of the move on base rate, with effect from 28th April. The average reduction is 0.251%.

Commenting, Jason Clarke, head of public relations, said, "We have adjusted rates following the MPC decision earlier this month, passing on the full reduction with mortgages on or linked to SVR. We are always conscious that we balance the needs of savers and borrowers, and, in a falling rate environment, we would urge any Skipton customer who is concerned about making their money work hardest for them to contact their branch to discuss the accounts we can offer."