Newcastle Building Society has announced a cut to its Standard Variable Rate (SVR), reducing it by 0.25 percentage points to 6.50% from 1 July 2025.

The rate change will apply to the Society’s residential, buy-to-let and self-build mortgage customers with SVR-linked products in England, Scotland, Wales and Northern Ireland.

The cut reflects shifting market conditions and a decrease in the Society’s lending costs.

Stuart Miller, chief commercial officer at Newcastle Building Society, said: “Reducing our SVR is a part of our ongoing commitment to offer good value to members.

“As a member focussed organisation, we’re proud to offer one of the most competitive rates available and to continue supporting our customers with fair and responsible pricing.”

The cut arrives as expectations grow that the Bank of England may begin to ease base rates later this year, prompting lenders to reassess the cost of funding and pass on potential savings to borrowers.