Halifax to reduce standard variable rate

Following the special meeting today by the Monetary Policy Committee and its decision to make a 0.5% reduction in the Bank Base Rate, Halifax will be reducing its standard variable rate from 7.00% to 6.50%.

As usual, the 0.5% reduction will come into effect for borrowers, including tracker mortgage customers, from 1 November 2008.

The reduction for existing borrowers will come into effect at the same time as any change in savings rates on 1st November 2008. Full details of changes to savers rates will be announced later this month.