Alliance & Leicester is responding to the Bank of England’s base rate cut this week by reducing the standard variable rate on its mortgages by 0.25 per cent.
The bank will be changing its SVR for existing mortgage customers from May 2 to 7.19 per cent, down 0.25 per cent from 7.44 per cent.
For new customers, the change comes into effect on April 23.
Existing customers on base rate tracker mortgages will see their rates fall by 0.25 per cent from May 1.
For new customers, this change comes into effect on April 15.
Alliance & Leicester will be writing to customers to advise them of their new lower monthly payments.