"Having reviewed our product range in light of the changes, we have decided to pass on the full 0.25% cut to all mortgage customers on our SVR"
The changes will be effective from the 1st September for both lenders.
The Aldermore Managed Rate, the Bank’s standard variable mortgage rate will reduce from 4.98% to 4.73% for both new and existing customers.
It is also cutting its savings rates by 0.25%
Aldermore's Business Savings Easy Access Accounts will reduce from 1.10% to 0.85%, its Retail Easy Access Accounts from 1.25% to 1.00%, and its Help to Buy ISA from 2.00% to 1.75%.
Aldermore offers a base rate guarantee for all retail savings customers on variable rate accounts, meaning the interest rate will be at least 0.50% higher than bank base rate until 31st December 2017.
John Eastgate, Sales and Marketing Director, OneSavings Bank, commented: “The Bank of England Monetary Policy Committee decided last week to cut the base rate from 0.5% to 0.25% in an effort to cut borrowing costs across the UK. Having reviewed our product range in light of the changes, we have decided to pass on the full 0.25% cut to all mortgage customers on our SVR, effective from the start of September.”
