Suffolk Building Society has reduced its standard variable rate (SVR) by 0.25% following the Bank of England’s (BoEs) base rate cut on 8th May.
The SVR now stands at 7.89%.
Customers on base rate tracker, discount rates, and paying SVR will see their monthly payments drop by the same amount from 1st June.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We’re pleased to be able to reduce our SVR by the full amount as we know that borrowers have been under increasing affordability pressures.
“We’re communicating this to our broker community today so they can act quickly to help their customers.”
