MPowered Mortgages has reduced its SVR by 75 basis points (bps) from 7.49% to 6.74%.
Its SVR tracks Bank of England Base Rate, so as well as the 25bps cut to the Bank of England Base Rate being passed on following last week’s Bank Rate decision by the central bank’s Monetary Policy Committee, MPowered has also lowered the tracker margin by a further 50bps.
The result is that MPowered’s SVR now tracks BBR at +1.99%.
Stuart Cheetham, CEO of MPowered Mortgages, said: “Although SVRs can often move up or down in line with changes to the Bank of England base rate, not all lenders pass on the full amount of any decrease (or increase for that matter) in the base rate to their SVR.
“We, however, are pleased to not only pass on the full Bank Base Rate reduction but also an additional 0.50% [sic] cut to fully support borrowers in the market.
“any future rates will be passed on”
“Additionally, our SVR, by tracking Bank Base Rate, is fully transparent to consumers and will mean any future rates will be passed on.
“As always, mortgage borrowers nearing the end of their mortgage deal should always seek independent financial advice so that they can make informed choices about what to do next.”
