A&L to cut SVR by 0.25%

In line with the Bank of England\'s recent interest rate cute Alliance & Leicester will be reducing the SVR on its mortgages by 0.25%.

The bank will be changing its SVR for existing mortgage customers from May 2 2008 to 7.19%, down 0.25% from 7.44%. For new customers, the change comes into effect on April 23.

Existing customers on base rate tracker mortgages will see their rates fall by 0.25% from May 1 2008. For new customers, this change comes into effect on April 15.