FURNESS Building Society is to review its mortgage and savings rates after the Bank of England cut its base rate to a record low.

The rate dropped from 0.5 per cent to 0.25 per cent last week.

Other packages were also announced in a bid to maintain confidence in the economy following the shock Brexit result, including the Term Funding Scheme with £100bn for banks and building societies to lend.

Sue Heron, marketing and sales director at the Furness, said: “The Bank’s actions will hopefully support the confidence of households, and in particular businesses, to continue to spend and invest in the UK economy.

"Furness Building Society is an active mortgage lender, particularly in the local community, and so will look with interest at the detail of the Term Funding Scheme.

"As the cut in the bank rate feeds through to influence other interest rates in the wider market, it will benefit some mortgage borrowers, though it will clearly not be welcomed by savers."

She added: "If we make any changes to our accounts, we will communicate these to our customers in due course.”