Harpenden Building Society has cut the price on its residential variable rate.

The building society has lowered rates by 0.30% to 6.39% for loans up to 65% loan to value.

Harpenden Building Society commercial director Mike Cutler says: “We keep our pricing under review and this cut to our variable rate is to support our borrowers who have non-standard features either in their income, such as multiple or foreign sources, or an unusual or large property that they want to use as security.”

“In today’s uncertain times, rate cuts are good news for borrowers.”

In May, Harpenden appointed Tracie Pearce as its new chief executive. 

Pearce joined from Santander and replaced Richard Doe who had led the mutual for four years.