Standard Life has announced that its customers will feel the full effect of a cut in interest rates.
Earlier this month the Bank of England reduced interest rates by 0.25 per cent, to 4.5 per cent.
As a result of this move, Standard Life has stated that it will cut its standard variable rate (SVR), for its mortgage customers, to 5.95 per cent from September 1st.
The bank will also launch a new nine-month discounted mortgage with an SVR of 4.55 per cent.
Andrew Boddie, Standard Life's head of marketing, commented: "Standard Life Bank is passing the full interest rate reduction to its customers.
"In addition, we are launching a new nine-month discount mortgage which is likely to suit first time buyers."
Two major lenders this week lowered their personal loan interest rates, with at least ten providers now charging less than six per cent interest.
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