The change will apply to its residential, self-build and buy-to-let (BTL) customers that have products linked to the SVR.
The SVR cut will mean lower mortgage repayments for SVR borrowers, with Newcastle Building Society saying the change shows a “change in market conditions and lending costs”.
Stuart Miller, chief commercial officer at Newcastle Building Society, said: “Reducing our SVR is a part of our ongoing commitment to offer good value to members. As a member-focused organisation, we’re proud to offer one of the most competitive rates available and to continue supporting our customers with fair and responsible pricing.”
Gen H reduces rates
Fintech mortgage lender Gen H has made rate cuts of up to 0.5% across its whole product range.
Two-year rates at 60% loan to value (LTV) are down by up to 0.5%, while it is 0.3% at 80% LTV, 0.2% at 90% LTV and 0.15% at 95% LTV.
Three-year fixed rates across all LTVs have dropped by 0.1% to 0.3% and five-year fixed rates at all LTVs will decrease by 0.05% to 0.2%.
New Build Boost rates have decreased by 0.1% to 6.29%.
The lower rates will be live from 5:30pm on 16 June.
Pete Dockar, chief commercial officer at Gen H, said: “For those in the industry, rate reductions can feel like a nice bit of news – but for real people, cuts can be the difference between owning a home or staying locked in the rental cycle.
“We’re proud to be a lender that creates truly incremental homeowners, helping individuals and families who might otherwise find homeownership out of reach. With these significant reductions, we’re not just lowering rates – we’re bringing down the cost of new homeownership. Our team is delighted to deliver these cuts to market today, and I hope to see these rates help even more aspiring homeowners find their place on the ladder.”
