Tom Gurrie, intermediary sales controller at Chelsea Building Society
“Despite our size we pride ourselves on our speed of movement and we had planned for every Base Rate eventuality in order to ensure we could quickly pass on any reduction. Our management committee made an immediate commitment to reduce our SVR as soon as practically possible.”
Chelsea Building Society reduced its SVR by 0.25 per cent to 6.49 per cent with effect from Thursday 1 September.
John Goodfellow, chief executive of the Skipton Building Society
“In an environment of falling interest rates, it becomes increasingly important to protect savers, of which we have six-times more than borrowers, while remaining fair to all our members. Unlike a number of other institutions which cut rates at a time when the Bank of England’s Base Rate remained stable and are taking a second bite at the cherry in response to last week’s announcement. I believe Skipton has taken the path of fairness.”
Skipton Building Society has reduced its SVR by 0.20 per cent to 5.89 per cent with effect from Thursday 1 September.
Spokesman at Nationwide Building Society
“Our BMR has been cut to 5.89 per cent for both new and existing borrowers from 1 September. It will be around 0.60 per cent lower than that of most other high-street lenders.”
Nationwide Building Society has announced a reduction in its tracker mortgages of 0.25 per cent and its BMR – otherwise known as its SVR – of 0.10 per cent.
Rik Kendall, media relations manager at Newcastle Building Society
“We haven’t moved our SVR as yet but we’ve been engaged in meetings about the reaction we should take to the Base Rate cut. There will be a change which will be announced in the next week or so; it is just being finalised.”
Newcastle Building Society has not made any reduction to its SVR.
Lynsey Hallam, press officer at Portman Building Society
“Our rates are currently under review.”
Portman has yet to change its SVR.
Paul Hearnden, managing director of My Mortgage Direct
“There are still some surprisingly large differentials out there regarding lenders’ SVRs. I expect those who have yet to cut their rates to do so over the next couple of months. The delay may be due to administration or just out of plain greed as they squeeze the extra revenue from borrowers from a rate which was not even competitive in the first place.”
