Coventry to reduce standard variable rate

Following last week's Bank of England MPC announcement, Coventry Building Society announces that it will be reducing its standard variable mortgage rate by 1.5%.

The Society's standard variable mortgage rate will reduce from 6.84% to 5.34%. This rate change is effective from today for new customers and from 1 December 2008 for existing customers.

The Society's tracker mortgage rates will also reduce by 1.5% from 1 December 2008.

For more information, visit thecoventry.co.uk