Teachers Building Society is to cut its Standard Variable Rate (SVR) by the full 0.25 per cent recent Bank of England base rate reduction with effect from October 1, 2016.
The reduction will mean the Society’s SVR for residential mortgages will be reduced from 4.99 per cent to 4.74 per cent, while its buy-to-let SVR will be reduced from 5.74 per cent to 5.49 per cent
Chief executive James Bawa says: “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.”
Teachers Building Society provides mortgages to teachers and education professionals in England & Wales and also to people of any profession in its local Dorset, Hampshire & Wiltshire area.
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.