SVR rates maintained at Skipton

Standard variable rates (SVR) at Skipton Building Society will be maintained at 6.45 per cent.

According to the lender, its new rates are cheaper than those available through other firms including Halifax, Lloyds TSB, Nat West and Barclays.

Skipton claims its SVR mortgages had fallen in line with the country''s base rate, which was dropped to 4.5 per cent – half a percentage point – by the Bank of England''s monetary policy committee (MPC).

General manager sales and marketing Steve Aldous said: "We are committed to offering long-term value to both our savers and borrowers."

"Our Standard Variable Rate continues to be lower than the overwhelming majority of mortgage lenders," he added.

Borrowers on other lenders'' SVR deals will be paying more than customers at Skipton, Mr Aldous stated.

Meanwhile, economist Charles Goodhart claims the MPC could cut the base rate to 0.0 per cent to avoid a deep and long recession, according to the Banking Times.

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