Skipton Building Society is to lower its mortgage variable rate (MVR) from 5.49% to 4.99% for residential and from 5.69% to 5.19% for buy-to-let.

Having recently assessed its position the mutual says the reduction in its MVR will be in place from 1 October.

Its current discount product range has been withdrawn from sale and will be replaced shortly.

The society will write to all customers who will benefit from this change.

Kris Brewster, the Skipton’s head of products, said: “This is great news for our customers with rates linked to MVR or whose deals still revert to MVR. We continually review our competitive position, and in the context of the wider market, and have taken the decision to reduce our MVR.

“In doing this we’re able to keep offering a wide variety of affordable competitive products to suit all mortgage needs as we continue to punch above our weight in getting people the keys to their homes.”