The new rate is now 6.35%, dropping 40 basis points. The SVR rate was 6.75% with two discounted tiers, however these tiers are now discontinued, offering one low SVR.
The lower SVR will offer a great saving to customers. Based on £100,000 repayment mortgage over 25 years, there is a saving of £300 approximately, per annum which works out at a monthly saving of £25 approximately.
Tim Franklin, Managing Director of Member business at Britannia, said: "For members on the existing SVR this will bring a welcome reduction to their monthly subscription, offering a great saving, whilst new borrowers can rest assured, that when their product has completed its discount or fixed rate period, they will be moving onto a competitive SVR."
