Monmouthshire Building Society is set to decrease its standard variable rate on 1 June.

All mortgage members will benefit from a cut of 0.50 per cent, meaning that the new rate will come in at 4.74 per cent.

The move comes after the Bank of England cut rates to an historic low of 0.1 per cent on 19 March, the second time it cut rates that month.

Monmouthshire BS chief executive Will Carroll says: “Following the Bank of England’s announcement… the society has carefully looked at its position, along with keeping our members’ best interests at the forefront of our minds.

“Supporting our members in what is an incredibly stressful and worrying time has been and will continue to be our number one priority. Passing on the decrease to our mortgage members will hopefully help in some small way.”

“The society has gone from strength to strength over the last 150 years, putting its members at the heart of everything it does. I am proud to be a part of a business that has such a strong heritage, and member focus.”