The Newcastle Building Society is to reduce its residential Standard Variable Rate (SVR).

From 1 December, the mutual’s residential SVR in England, Scotland, Wales and Northern Ireland will be 3.96%, a reduction of 2.03 percentage points on the previous rate of 5.99%.

Stuart Miller, customer director at Newcastle Building Society, said: “As a member-owned organisation we’re committed to supporting our customers own their own home by understanding their needs and taking a human, flexible approach to lending.

“The reduction in residential SVR will support our members who currently have an SVR-linked product, and other borrowers will benefit if their account matures onto our SVR at the end of their current deal.”

The Newcastle Building Society is the largest building society in the North East, with a network of 31 branches and assets of more than £4.4bn.