Hodge Bank has announced it will reduce its Standard Variable Rate (SVR) from Friday 1 May, following the recent Bank of England (BoE) base rate reduction.
After the BoE announced it was slashing its base rate to the record low of 0.1% in March, Hodge indicated it had been reviewing its SVR and has now confirmed this will be lowered from 4.70% to 4.20% for both new and existing customers.
Hodge said the reduction will apply to all customers currently on a discounted variable rate mortgage with them, and those who have mortgages due to mature.
Hodge business development director, Emma Graham, commented: “In these difficult times, we are doing all we can to ensure our customers are getting the best service from us.
“It’s crucial we support borrowers through this period of uncertainty and passing on the base rate reduction will hopefully help in some way.”
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