Cheltenham & Gloucester (C&G) has reduced its standard variable mortgage rate by 20 basis points to 6.55% as a result of the Bank of England's (BoE) decision to lower its base rate by 0.25 percentage points.
C&G said the rate reduction would take effect from October 31 for existing customers, but new customers would be able to use the lower rate from September 24.
C&G said it also intended to reduce its savings rates by 0.2 of a percentage point, but its fixed rates would fully reflect the BoE's cut and fall by 0.25 percentage points.
