Chelsea Building Society has announced that it will be reducing interest rates in response to the Bank of England’s cut last week.
The Standard Variable Rate offered by the building society will be reduced from 6.74 per cent to 6.49 per cent.
The Monetary Committee’s decision to cut rates from 4.75 to 4.50 means that mortgage repayments will be reduced for borrowers on variable rate, discounted rate, capped and tracker mortgages.
By assumption then, and following patterns that have been noted in the past, commercial mortgage providers will also have to reduce their rates.
Chelsea Building Society is the latest of a number of important UK lenders who have responded to the rate cut by reducing their own mortgage rates.
First time borrows can take advantage of the new rates immediately, whilst they will come into effect for existing customers at the beginning of September.To read more about mortgages, click here.
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