Britannia to cut SVR

Britannia is cutting its Standard Variable Rate with effect from October 1 2005.

Britains second largest mutual is reducing its current 6.35% SVR by 25 basis points.

The 6.10% SVR will be available for new and existing borrowers.

Tim Franklin, managing director of member business, says: “The reduction will result in savings for our members.

“Britannia already has one of the lowest SVRs on the high street and this latest cut will ensure that our products continue to offer great, long-term value.”