Skipton maintains Standard Variable Rate

Skipton's SVR remains lower than Halifax, LloydsTSB, Barclays and Nat West, all of which have already confirmed their response to the MPC decision says Skipton Building Society.

All existing Skipton Building Society borrowers on Base Rate Tracker mortgage products saw their rate fall by 0.50% with effect from 23 October, in line with their mortgage conditions.

SVR's from 1st November according to Skipton are:

Skipton Building Society 6.45%

Halifax 6.50%

Nat West 6.69%

Barclays 6.64%

LloydsTSB 6.50%

Skipton has also confirmed that it will not be passing on the full 0.50% base rate cut to all savers. Commenting, Steve Aldous, general manager sales & marketing, said: "We are committed to offering long-term value to both our savers and borrowers. Our Standard Variable Rate continues to be lower than the overwhelming majority of mortgage lenders.

"For most borrowers on other lenders' Standard Variable Rates, their monthly payments will still be higher than those of Skipton borrowers, even after any rate cut is passed on."