Nationwide, Lloyds, Halifax making change for mortgage customers starting December 1

Nationwide, Halifax and Lloyds Bank have reduced mortgage rates after the Bank of England interest cut. Following the 0.25 per cent decrease in the Bank Rate on Thursday 7 November, mortgage customers who are on Nationwide’s Standard Mortgage Rate (SMR) will see a decrease of 0.25 per cent.

The new SMR of 7.49 per cent will come into effect on 1 December 2024. Rates on tracker mortgages held by existing Nationwide customers automatically decrease when Bank Rate is cut, so these will decrease to reflect the Bank Rate change from 1 December 2024.

This move will immediately benefit thousands of mortgage customers with Halifax, Lloyds Bank, and Metro Bank. The Halifax Homeowner Variable Rate (HVR), currently at 8.49 per cent, will decrease by 25 basis points to 8.24 per cent.

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The Halifax Standard Variable Rate (SVR), currently at 8.49 per cent, will also decrease by 25 basis points to 8.24 per cent. The changes to the SVR rates above will come into effect for existing customer accounts from December 1.

The Lloyds Bank Homeowner Variable Rate, currently at 8.49 per cent will decrease by 25 basis points to 8.24 per cent. The Lloyds Standard Variable Rate, currently at 7.00 per cent, will decrease by 25 basis points to 6.75 per cent. The changes to the SVR rates above will come into effect for existing customer accounts from December 1.

And a Metro Bank spokesperson said in a statement: "In line with the Bank of England decreasing the base rate from 5 per cent to 4.75 per cent we're updating all retail mortgage products that track the Bank of England base rate.

"We are confident that our wide range of mortgages continue to meet our customers' needs but we encourage anyone who may be worried about their payments to get in touch to discuss their options."