First Active has announced a reduction in its standard variable rate for the second time in three weeks. The interest rate will be lowered from 5.63 per cent to 5.24 per cent, effective for existing customers from November 1st. The previous reduction of 0.25 of a percentage point, which was announced on August 30th, will apply from October 4th.

The combined rate cuts will mean a monthly saving of £36.24 (€46.02) on a £100,000 20 year mortgage.