The change will apply to residential, self-build and buy-to-let customers with products linked to the lender’s SVR, on properties in England, Scotland, Wales and Northern Ireland.
The reduction reflects a change in market conditions and lending costs. Even before the reduction, the Society’s SVR was one of the most competitive on the market.
Michael Conville, chief customer officer at Newcastle Building Society, said:
“We’re pleased to reduce mortgage repayments for our Standard Variable Rate borrowers by cutting our residential SVR. As a customer-owned organisation, maintaining a competitive SVR is an important way we create value for our members and deliver on our commitments to our intermediary partners and their clients.
