Santander, Virgin Money and Clydesdale Bank will cut standard variable and tracker rates by 25 basis points following the Bank of England quarter point base rate reduction. 

Santander says all tracker mortgages linked to the base rate will fall by 25bps from 3 March. This includes the lender’s follow-on rate, which will decrease to 7.75% from 8%.

Its standard variable rate will also fall by 25bps to 6.75% from 7.00%.

Virgin Money says its standard variable rate will move to 7.49% from 7.74%, on 20 February. 

And its buy-to-let variable rate moves to 7.99% from 8.24%.

At Clydesdale Bank, the standard variable rate falls to 7.49% from 7.74%, also on 20 February.

While its BTL variable rate and offset variable investment housing loan rate will fall to 7.99% from 8.24%.

The Bank of England’s rate-setting Monetary Policy Committee lowered the base rate by 0.25% to 4.5% earlier today, while also downgrading the UK’s 2025 growth forecast made in November to 0.75% from 1.5%.