A number of lenders have announced reductions to their standard variable rates (SVRs) following the Bank of England’s decision to lower the base rate from 4.50% to 4.25% on 8 May.

Virgin Money, Clydesdale Bank and Suffolk Building Society have confirmed cuts of 0.25 percentage points to their SVRs, with changes taking effect between late May and early June.

Virgin Money and Clydesdale Bank will both reduce their SVRs from 7.49% to 7.24% on 29 May. Virgin Money’s buy-to-let variable rate will also fall from 7.99% to 7.74%, with the same adjustment applied to Clydesdale’s buy-to-let variable rate and offset variable investment housing loan rate. In addition, Clydesdale’s offset variable rate will be brought down to 7.24%.

Tracker products from Virgin Money have already been adjusted in line with the revised Bank rate, effective from 9 May. Customers with tracker applications in progress will be issued offers reflecting the updated rate, while those who have completed will be treated as existing customers and notified accordingly.

Existing Virgin Money customers whose rates are linked directly to the base rate will see their monthly payments change from 1 July in line with their mortgage terms. Those on SVR or buy-to-let variable rates will receive notification that their repayments will change from 1 June. Clydesdale Bank customers will be advised of their new rate after their first payment date following 29 May, with changes applying the following month.

Separately, Suffolk Building Society has confirmed it is passing on the full 0.25 percentage point reduction to its SVR customers. The mutual’s SVR now stands at 7.89%, with the new rate applying from 1 June. The change will benefit borrowers on SVR, base rate trackers, and discount products.

Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We’re pleased to be able to reduce our SVR by the full amount as we know that borrowers have been under increasing affordability pressures. We’re communicating this to our broker community today so they can act quickly to help their customers.”