SVR's are increasing, don't get caught unaware !
Got this latest piece of news today, and thought that it needs sharing with the unaware public...
"Mortgage advisers need to be aware of the fact that standard variable rates (SVRs) are potentially on the increase.
This is the opinion of Dean Jones, head of Paaleads.com (who are part of Moneysupermarket.com), who said: "This week we have seen three providers increase their SVRs including Skipton BS by 1.45% to 4.95%, Holmesdale BS by 0.35% to 4.89% and Norwich & Peterborough BS by 0.50% to 5.35%. With SVRs having been at low levels for some time, this shift by building societies could be early warning that banks will soon follow suit and raise their SVRs.
”Brokers should be mindful of those providers still offering competitive SVRs and look to secure fixed rates for their clients before there is a more whole scale shift to higher level SVRs."
This means that if you are even considering changing from your existing lender's SVR, that now is a good time to look at your options. I've always said that you can be caught unawares of creeping changes, as you never know when matters change for the worse. When it happens without you even realising, that's the worst feeling ever. Don't say you've not been warned ! Call me on 0845 838 6938 and let's discuss what your options are.
Lastly just to make this entirely clear, the SVR means that lender's Standard Variable Rate, which is the default rate that borrowers automatically switch to when a mortgage deal ends, i.e. after a 2 year fixed rate. Currently SVR's are looking attractive, but hopefully you can see from this post that complacency may become expensive.
"Mortgage advisers need to be aware of the fact that standard variable rates (SVRs) are potentially on the increase.
This is the opinion of Dean Jones, head of Paaleads.com (who are part of Moneysupermarket.com), who said: "This week we have seen three providers increase their SVRs including Skipton BS by 1.45% to 4.95%, Holmesdale BS by 0.35% to 4.89% and Norwich & Peterborough BS by 0.50% to 5.35%. With SVRs having been at low levels for some time, this shift by building societies could be early warning that banks will soon follow suit and raise their SVRs.
”Brokers should be mindful of those providers still offering competitive SVRs and look to secure fixed rates for their clients before there is a more whole scale shift to higher level SVRs."
This means that if you are even considering changing from your existing lender's SVR, that now is a good time to look at your options. I've always said that you can be caught unawares of creeping changes, as you never know when matters change for the worse. When it happens without you even realising, that's the worst feeling ever. Don't say you've not been warned ! Call me on 0845 838 6938 and let's discuss what your options are.
Lastly just to make this entirely clear, the SVR means that lender's Standard Variable Rate, which is the default rate that borrowers automatically switch to when a mortgage deal ends, i.e. after a 2 year fixed rate. Currently SVR's are looking attractive, but hopefully you can see from this post that complacency may become expensive.
Labels: moneysupermarket, mortgages, svr
posted by Des Tourick 1st Call 4 Mortgages at
13:56
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