After the Bank of England’s quarter-point base rate drops, Santander, Virgin and Clydesdale Bank will reduce the standard variables and tracking rates by 25 basis points.
All tracker mortgages related to the base rate will drop by 25bps from March 3, Santander said. This includes the follow-up rate for lenders, which dropped from 8% to 7.75%.
Its standard variability rate will also drop by 25bps from 7.00% to 6.75%.
Virgin Money Says ItTandard’s variability rate will shift from 7.74% on February 20 to 7.49%.
Its purchase volume variability rate shifted from 8.24% to 7.99%.
At Clydesdale BankTandard’s variability rate dropped to 7.49% from 7.74% on February 20.
Although its BTL variable rate and offset variable investment housing loan interest rate will drop from 8.24% to 7.99%.
The Monetary Policy Committee established by the Bank of England lowered the base interest rate by 0.25% to 4.5% earlier today, while also lowering the UK’s 2025 growth forecast for November to 1.5%.
