Chelsea cuts SVR by 1.25 percentage points

  • Story by: David Pawsey
  • Magazine: FinancialAdviser
  • Published Friday , November 21, 2008

Chelsea Building Society has announced it has lowered its standard variable rate (SVR).

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Chelsea becomes the latest lender to pass a proportion of the cut Bank of England's latest base rate reduction. The BoE lowered the base rate by 1.5 percentage points on 6 November.

Chelsea's SVR will stand at 5.79 per cent as of 31 December, a reduction of 1.25 percentage points.

The lender's SVR currently stands at 7.24 per cent.

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