Following the recent quarter point cut in interest rates to 5.5% by the Bank of England, building so...
Following the recent quarter point cut in interest rates to 5.5% by the Bank of England, building society Stroud & Swindon has announced that it too has cut both its standard variable rate (SVR) and loyalty base rate by 0.25%.
From 14 May S&S customers will see the SVR fall to 7.24% and the loyalty rate to 6.49%. The loyalty rate applies to borrowers who have been customers of the building society for five or more years.
Stroud spokesman Andy Paddock said: "This reduction in our loyaltiy base rate to a highly competitive 6.49% underlines our commitment to providing short, medium and long-term value for all mortgage customers. Customers whose rates are linked to our SVR rate will be cut by 0.25% and once they have been with us for five years they too will move automatically to our lower loyalty base rate."
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