Skipton promises full SVR cut

In anticipation of a cut to the Bank of England's base rate this Thursday, Skipton Building Society has promised it will pass on any reduction in full.

Chief Executive David Cutter said, "We have pledged our residential SVR will never be more than 3% above base rate and, even with this at its lowest level for 315 years, we will honour our promise. This means approximately 15,000 Skipton borrowers will have a bit more money to spend as their monthly payments reduce."