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A&L cuts SVR for new borrowers

Alliance & Leicester is cutting its standard variable rate for new customers by up to 75 basis points from Bank of England base rate plus 4.49 per cent to plus 3.74 per cent over base rate.

The changes will not affect existing borrowers, who will remain on the current SVR. A&L has said the rate for new customers will be called the ’reversion rate’ as opposed to the SVR.

The move covers all mortgages from both Santander and Alliance & Leicester, which received court approval for its legal transfer to the Spanish bank, on May 28, which will come into effect from June 1.

All products in Santander’s current range will revert to the new rate with the exception of the bank’s lifetime tracker products.

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