Leeds passes on full 0.25% cut to borrowers
Leeds Building Society is reducing its standard variable rate (SVR) mortgage by 0.25% with effect from 1st September 2016.
Bank of England tracker mortgage rates will reduce automatically in accordance with their terms and conditions.
“After considering the impact of yesterday’s Bank of England Monetary Policy Committee announcement on variable rate products, we have decided to pass on the 0.25% cut in full to those mortgage customers on our SVR,” said Richard Fearon, Leeds Building Society’s Chief Commercial Officer.
“In addition homeowners with a tracker mortgage will benefit from lower monthly repayments automatically.”
Notes to Editors
Leeds Building Society won the awards for Best Building Society Savings Provider and Innovation in Personal Finance (Part and part mortgages) at the 2016 Moneyfacts Awards.
The Society received the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2016, the third consecutive year it has won this category, as well as the award for ‘Product Innovation (Lenders)’.
The Society also has been named ‘Best Regular Savings Account Provider’ for the second consecutive year by independent consumer advice website Savings Champion.
Leeds Building Society has 65 branches throughout the UK, Gibraltar and Ireland and assets of £13.5bn (at 31st December 2015). The Society has operated from the centre of Leeds since 1886.