Harpenden Building Society has announced a reduction in the price of its residential variable rate.

The specialist complex lender has cut the rate by 0.30 percentage points to 6.39%.

This applies to loans up to 65% loan to value (LTV).

Mike Cutler (pictured), commercial director at Harpenden Building Society, said: “We keep our pricing under review and this cut to our variable rate is to support our borrowers who have non-standard features either in their income, such as multiple or foreign sources, or an unusual or large property that want to use as security.

“In today’s uncertain times, rate cuts are good news for borrowers.”