Alliance & Leicester reduces Standard Variable Rate

Alliance & Leicester has announced a reduction in its Standard Variable Rate (SVR) from 7.19% to 6.94%, a reduction of 0.25%. The new rate will come into effect on Thursday 30 October.

Existing Alliance & Leicester customers on SVR or SVR related discounted products will see the change in their mortgage rate from Sunday 2 November.

The rate on Alliance & Leicester Base Rate Tracker products for new customers reduced by 0.50% on Monday 13 October in line with the reduction of the Bank of England base rate. Existing customers with a Base Rate Tracker mortgage will see their rate reduced by 0.50% from Saturday 1 November.