Lender MPowered Mortgages has cut its Standard Variable Rate by 0.75%, offering a new rate of 6.74%.
The lender’s SVR tracks Bank of England Base Rate, which was cut by 0.25% to 4.75% yesterday.
MPowered has also lowered the tracker margin by a further 0.50%, meaning that it’s SVR now tracks BBR at +1.99%.
MPowered Mortgages chief executive Stuart Cheetham says: “Although SVRs can often move up or down in line with changes to the Bank of England base rate, not all lenders pass on the full amount of any decrease (or increase for that matter) in the base rate to their SVR.
“We, however, are pleased to not only pass on the full Bank Base Rate reduction but also an additional 0.50% cut to fully support borrowers in the market. Additionally, our SVR by tracking Bank Base Rate, is fully transparent to consumers and will mean any future rates will be passed on.”
“As always, mortgage borrowers nearing the end of their mortgage deal should always seek independent financial advice so that they can make informed choices about what to do next.”