The Teachers Building Society is to lower its Standard Variable Rate (SVR) by the full 0.25 basis points recent Bank of England base rate reduction with effect from 1 October 2016.
The reduction will mean the Society’s SVR for residential mortgages will be reduced from 4.99% to 4.74%, while its buy-to-let SVR will be reduced from 5.74% to 5.49%.
James Bawa (pictured), chief executive of Teachers Building Society, said: “As a mutual organisation committed to providing the best rates we possibly can to our members, we’ll be passing on the full Bank of England rate reduction to our mortgage customers, both existing and new.
“We’re also reviewing our product range for new business and will announce any further changes in due course.”
The Society’s existing customers on variable rate mortgages will receive formal notification of the reduction in September.
Mortgage brokers will also be notified of the change via the Society’s broker network partners Legal & General Mortgage Club, Mortgage Intelligence and Personal Touch.