Abbey to pass on full base rate cut on SVR

Further to the Bank of England's decision to cut base rate by 1.5 per cent, Abbey is passing on the full rate cut to all its existing customers on variable rate mortgages.

This includes customers on SVR, tracker rate mortgages and flexible offset deals. These customers will see their rates cut, as usual, from the start of December.

Abbey's SVR will fall from 6.94 per cent to 5.44 per cent.