The mutual said it feels that passing on the decrease following the Bank of England’s reduction of the base rate is crucial to continue to support its members during this period of uncertainty.

As such the SVR will decrease from 5.24% to 4.74%.

Will Carroll, CEO at the Monmouthshire, said: “Following the Bank of England’s announcement to cut the Bank Rate twice in March, 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.”