Coventry Building Society, Santander, Virgin Money, Clydesdale and Yorkshire Bank have all lowered standard variable rate (SVR) mortgages in line with the Bank of England decision today.

Earlier today interest rates were cut by 0.25% to 5% by the BoE’s Monetary Policy Committee (MPC).

Coventry has announced an interest rate decrease of 0.25% on all variable mortgage rates which will take effect on 1 September.

Santander also announced it would lower its SVR by 0.25% to 7.25% from 3 September.

All Santander tracker mortgage products linked to the base rate will decrease by 0.25% from 3 September, including the lender’s follow-on rate which will be lowered to 8.25%.

Meanwhile, Virgin Money has confirmed cuts to its mortgage variable revert rates from 9.24% to 8.99%, where it will pass on to customers the full base rate reduction.

Virgin Money’s loyalty rate, for qualifying residential customers who have held a mortgage with the lender on the same property for seven years or more, will decrease from 8.99% to 8.74%.

The buy-to-let (BTL) variable rate will decrease from 9.44% to 9.19%.

The revised rates will take effect for existing customers from 1 September, and for new customers from 22 August.

Clydesdale and Yorkshire Bank will also decrease its residential SVR from 9.24% to 8.99% while its residential offset variable rate will go down from 9.45% to 9.20%.

The lender’s BTL revert rate, offset variable investment housing loan rate will be lowered from 9.74% to 9.49%.

The revised rates will take effect for existing customers from their next payment date after 22 August, and for new customers from 15 August.