Coventry Building Society has introduced an interest rate decrease of 0.25% on all of its variable mortgage rates.
The reduction in rates will benefit all standard variable rate (SVR) borrowers, and all tracker rates will decrease in line with the Bank of England Base Rate on 1st September 2024.
The society said it will write to members about any changes to their variable mortgage accounts in the coming weeks.
Kevin Purvey, director of mortgages at Coventry Building Society, said: “We try to make interest rate decisions as quickly as we can to give our members the earliest possible benefit from the changes.
“It’s welcome news for our SVR and tracker mortgage members who will see their mortgage payments decrease from the start of September, potentially saving them hundreds of pounds a year.”
