The Bank of England’s Monetary Policy Committee (MPC) lowered the base rate by 0.25% to 4% today.
The SMR will come to 6.74% and will come into effect on 1 September.
Rates on tracker mortgages held by existing customers will also automatically decrease when the base rate is reduced, and these will reflect the change from 1 September.
Santander to cut tracker rates
Santander confirmed that tracker products will fall by up to 0.25% and its follow-on rate will fall to 7.25%.
Renters’ Rights Act: what landlords may be getting wrong
Sponsored by BM Solutions
The lender’s standard variable rate (SVR) will remain at 6.75%.
Tracker rates for new business and product transfers will be updated to reflect the base rate change on 12 August.
Virgin Money and Clydesdale Bank lower variable rates
Virgin Money and Clydesdale Bank will lower variable rates by up to 0.25%, with the changes coming into force on 21 August.
Virgin Money’s SVR will move from 7.24% to 6.99%, while its buy-to-let (BTL) variable rate will move from 7.74% to 7.49%.
Virgin Money’s updated tracker rates will be available from 8 August 2025 and reflect the change to the Bank of England base rate. The tracker differential won’t change.
Clydesdale Bank’s SVR will move from 7.24% to 6.99%, its offset variable rate will decrease from 7.24% to 7.14% and its BTL variable rate, offset variable investment housing loan rate will decrease from 7.74% to 7.49%.
