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NatWest and Skipton pass 0.25% cut on to SVR customers

  • 05/08/2016
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NatWest and Skipton pass 0.25% cut on to SVR customers
NatWest and Skipton became the latest lenders to confirm plans to pass on yesterday’s full 0.25% Bank Base Rate cut to their customers on Standard Variable Rates (SVR).

NatWest will be bringing its rate down from 4% to 3.75%.

Ross McEwan, NatWest parent company, Royal Bank of Scotland CEO, said: “We’re passing on the base rate cut in full to our valued mortgage customers on our Standard Variable Rate. We have been the fastest growing large UK bank with net lending growth of over £20bn in the first half of the year – higher than any other bank. We’re open for business and ready to lend responsibly to homebuyers up and down the country.”

From 1 September, Skipton Building Society, the UK’s 12th biggest lender will pass on the cut to its SVR and Mortgage Variable Rate customers, bringing its rate down from 4.95 to 4.70%.

The Yorkshire-based mutual will be writing to all affected customers.

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