Britannia Building Society has announced that it is cutting its standard variable rate (SVR) from October 1st this year.
Britannia's current rate stands at 6.35 per cent and the new rate of 6.10 per cent will be available from the beginning of next month.
Managing director of member business, Tim Franklin, said: "The reduction will result in savings for our members. Britannia already has one of the lowest SVRs on the high street and this latest cut will ensure that our products continue to offer great, long term value."
The cut comes amid criticism that banks and building societies fail to cut their mortgage rate in line with the Bank of England's interest rate cuts.
Banks have been accused by financial data provider, Moneyfacts, of making millions by not cutting their own rates as soon as the new rate is announced.
Britannia removed one of its mortgage products from the shelves last year. Despite a growing interest among house-buyers in self-build, Britannia, one of the few building societies offering self-build loans, decided to stop selling the product due to low demand. To read more about Mortgages, click here.
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