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Skipton Building Society has cut its revert-to rate by 0.5 per cent but brokers are divided about whether other mortgage lenders will follow suit.

Brokers were surprised last week when Skipton cut the revert-to rate, more commonly known as a standard variable rate.

The change from Skipton, which comes into effect on 1 October, brings its SVR to 4.99 per cent, down from 5.49 per cent.

Trinity Financial product and communications manager Aaron Strutt says: “Not a lot of lenders have touched their SVRs in recent times but Skipton may think this move brings it closer in line with its competitors."

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