Three more building societies have passed on this month’s base rate cut to their customers.
The National Counties Building Society, and its subsidiary the Family Building Society, have cut standard variable rates on some of their mortgages by 0.25 per cent.
Meanwhile Mansfield Building Society has also cut its SVR by 0.25 per cent and launched a new discounted rate at 1.90 per cent for loans up to 80 per cent loan-to-value.
Earlier this month the Bank of England cut its base rate for the first time since 2009 following the UK’s vote to leave the European Union.
The base rate was cut by half to 0.25 per cent, bringing it to its lowest level for centuries.
From 25 September National Counties Building Society’s owner occupier monthly standard variable rate will decrease to 4.54 per cent.
Its residential investment monthly standard variable rate will decrease to 5.29 per cent.
Meanwhile Family Building Society’s owner occupier monthly managed mortgage rate will decrease to 4.54 per cent and its owner occupier monthly flexi managed mortgage rate will fall to 4.64 per cent.
Mansfield Building Society is reducing its SVR to 5.34 per cent from 1 September.
Gev Lynott, chief executive of the Mansfield, said: “We have considered the likely impact of the lower base rate.
“Recognising the importance of maintaining a healthy mortgage market, we want to support both existing homeowners and first time buyers by reducing our mortgage rates.
“By reducing our SVR we will lower the cost of borrowing across our broad range of mortgage products, including Shared Ownership, Buy to Let, Let to Buy, Self Build, Shared Equity and our standard residential mortgage range.
“Whilst the vast majority of our mortgages are not directly linked to the base rate, we wanted to respond quickly so that both existing and new customers could benefit.”
The Mansfield’s new low fee two-year discounted rate mortgage has a maximum 80 per cent LTV and is available for purchase and remortgage.
It includes a free basic valuation, a £199 application fee and a £300 completion fee. Interest only repayment options are available at up to a maximum of 75 per cent LTV.
A few days after the Bank of England’s announcement Nationwide cut the majority of its fixed rate mortgages by up to 0.20 per cent, having already confirmed it would pass on the full 0.25 per cent base rate reduction to its existing tracker mortgage, base mortgage rate and standard mortgage rate customers.
Virgin Money has also cut selected fixed rates across its range and Accord Buy-to-Let reduced rates across its fixed-rate mortgages following the cut on top of bringing out new remortgage options.
