Newcastle Building Society has lowered its standard variable rate.

From 1 December 2020, the lender’s SVR will drop from 5.99 per cent to 3.96 per cent across all residential products.

The change will occur throughout the United Kingdom.

Newcastle Building Society customer director Stuart Miller says: “As a member-owned organisation we’re committed to supporting our customers own their own home by understanding their needs and taking a human, flexible approach to lending.

“The reduction in residential SVR will support our members who currently have an SVR-linked product, and other borrowers will benefit if their account matures onto our SVR at the end of their current deal.”