Newcastle Building Society is set to reduce its residential Standard Variable Rate.
Newcastle Building Society is set to reduce its residential Standard Variable Rate (SVR).
The cut will be effective from 1 December 2020 and will apply across England, Scotland, Wales and Northern Ireland.
The SVR will be reduced by 2.03%, from 5.99% to 3.96%.
Stuart Miller, customer director at Newcastle Building Society, said: “As a member-owned organisation we are committed to supporting our customers own their own home by understanding their needs and taking a human, flexible approach to lending.
“The reduction in residential SVR will support our members who currently have an SVR-linked product, and other borrowers will benefit if their account matures onto our SVR at the end of their current deal.”
