Hodge is to reduce its Standard Variable Rate (SVR) by 0.5 percentage points tomorrow (1 May), following the Bank of England’s base rate reduction.

The SVR will be lowered from 4.70% to 4.20% for both new and existing customers.

The reduction will apply to all customers currently on a discounted variable rate mortgage with them, and those who have mortgages due to mature.

Emma Graham, business development director for Hodge, said: “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.”