High street lender Santander will lower its tracker mortgage rates and standard variable rate (SVR) by 0.25% following the base rate cut.
All existing Santander tracker mortgage deals linked to the base rate will be lowered by 0.25% from 3 March.
This includes its follow-on rate, which will fall from 8% to 7.75%.
Santander’s SVR will fall from 7% to 6.75% on 3 March.
Yorkshire BS will lower select rates by up to 0.31%
Yorkshire Building Society will reduce rates across its range by up to 0.31%, so it can seize the “opportunity presented by movements in market rates to pass on even better value to its borrowers”.
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The change comes after a base rate cut of 0.25% to 4.5%.
Deals at 60% loan to value (LTV) will be cut by 0.31%, while deals at 75% LTV will fall by 0.18%. At 80% LTV, rates will go down by 0.2%, and at 90% LTV, cuts of 0.17% will be made.
Examples of rate cuts include its two-year fixed rate at 75% LTV for remortgage, which has been lowered from 4.5% to 4.39%. It has a £995 fee, free standard valuation and remortgage legal service.
Its two-year fixed rate at 75% LTV for purchase has decreased from 4.67% to 4.56%. It has a £395 fee, £250 cashback and free standard valuation.
Cheryl Bleasdale, mortgage product manager for Yorkshire Building Society, said: “It always pleases us to be able to pass on added value to our customers, and market rate movements in the past week have presented us with a golden opportunity to make changes right across the range, including at the highest LTVs.
“We’re particularly glad to be able to include some best buy products in this competitive new range.”
Virgin Money and Clydesdale Bank cut variable rates
Virgin Money and Clydesdale Bank have lowered their variable rates, and Virgin Money will reduce its tracker rates following the base rate cut.
Virgin Money and Clydesdale Bank’s SVR has decreased from 7.74% to 7.49%, while the buy-to-let (BTL) variable rate will go down from 8.24% to 7.99%.
Clydesdale Bank’s offset variable rate will reduce from 7.74% to 7.49%, while its BTL variable rate and offset variable investment housing loan rate will go down from 8.24% to 7.99%.
Virgin Money said its tracker rates would be updated on 7 February.
