Kent Reliance and Aldermore cut SVRs by 0.25%

The changes will be effective from the 1st September for both lenders.

The Aldermore Managed Rate, the Bank’s standard variable mortgage rate will reduce from 4.98% to 4.73% for both new and existing customers.

It is also cutting its savings rates by 0.25%

Aldermore's Business Savings Easy Access Accounts will reduce from 1.10% to 0.85%, its Retail Easy Access Accounts from 1.25% to 1.00%, and its Help to Buy ISA from 2.00% to 1.75%.
 
Aldermore offers a base rate guarantee for all retail savings customers on variable rate accounts, meaning the interest rate will be at least 0.50% higher than bank base rate until 31st December 2017.

John Eastgate, Sales and Marketing Director, OneSavings Bank, commented: “The Bank of England Monetary Policy Committee decided last week to cut the base rate from 0.5% to 0.25% in an effort to cut borrowing costs across the UK. Having reviewed our product range in light of the changes, we have decided to pass on the full 0.25% cut to all mortgage customers on our SVR, effective from the start of September.”