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Britannia slashes SVR

Britannia Building Society is slashing mortgage rates twice next month in a bid to retain existing borrowers.

From July 1, Britannia is cutting its standard variable rate to 6.89 per cent from its existing level of 7.14 per cent and introducing loyalty bonus rates for long-time customers.

Borrowers who have held their mortgage for at least 5 years will see their variable rate cut to 6.69 per cent, while customers with loans over 10 years old will pay 6.49 per cent.

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