Tag: standard variable rates

Lenders increase mortgage rates for new borrowers

Lenders increase mortgage rates for new borrowers

Obtaining a mortgage has become increasingly difficult since the credit crunch and the situation is worsening according to recent reports. Several lenders have recently increased mortgage rates for new borrowers, including Abbey, HSBC, Halifax, Lloyds TSB, Santander, Britannia, and Cheltenham & Gloucester. Customers taking out new fixed, tracker or discounted home loans will have to [...]

April 20, 2012 | 0 Comments More
Nationwide considers mortgage market changes

Nationwide considers mortgage market changes

Nationwide has noted significant changes in the UK mortgage market in the past two years. Attractive standard variable rates have meant fewer borrowers coming to the end of fixed-rate deals have remortgaged onto a new fix, with the proportion of mortgage balances on fixed rates falling from 48% to 36% between the final quarter of [...]

September 2, 2010 | 0 Comments More
Remortgaging relief as interest rates “pinned to the floor” until 2014

Remortgaging relief as interest rates “pinned to the floor” until 2014

Mortgage borrowers will be pleased to hear that interest rates could be “pinned to the floor” until 2014. The prediction comes in the latest report by respected economic forecaster, Ernst & Young Item Club, which at the same time acknowledges that high energy prices and the VAT rise due in January will keep inflation above [...]

July 26, 2010 | 0 Comments More
SVR huggers miss out on cheaper mortgage payments

SVR huggers miss out on cheaper mortgage payments

New research from Yorkshire Building Society shows that the number of mortgage borrowers now on their lenders’ standard variable rates (SVRs) is over 2.3 million, representing 28% of the total mortgage market. Typically these households have come off fixed-term deals and for one reason or another have chosen to revert to their lenders’ SVRs, rather [...]

July 12, 2010 | 0 Comments More
Many SVRs “disjointed” from base rate

Many SVRs “disjointed” from base rate

The collapse of the remortage market as borrowers coming to the end of fixed-rate deals opt to remain on reversion rates, is prompting lenders to raise their standard variable rates (SRVs). According to Moneyfacts.co.uk some borrowers on SVRs have benefited from the record low 0.5% base rate but others have not been so lucky. The [...]

January 27, 2010 | 0 Comments More
Lenders’ SVRs reflect one-third of base rate cuts

Lenders’ SVRs reflect one-third of base rate cuts

The resistance of mortgage lenders to pass on cuts in the base rate is illustrated by new research from Moneyfacts.co.uk. The financial website found that Standard Variable Rates (SVRs) are down by an average one-third of the total amount shaved off the base rate in recent months. The firm’s analyst, Michelle Slade, points out that [...]

February 20, 2009 | 0 Comments More
Base rate cut unlikely to boost mortgage lending

Base rate cut unlikely to boost mortgage lending

The Council of Mortgage Lenders has responded to yesterday’s cut in the base rate to 1% by saying that “it is unlikely to have a material effect on the overall state of the mortgage market”. The Council’s director general, Michael Coogan, agrees that borrowers on tracker rates will welcome the reduction but says it is [...]

February 6, 2009 | 0 Comments More
Lenders react to base rate cut

Lenders react to base rate cut

Yesterday’s 1% cut in the Bank of England’s base rate, to 2%, has met with a mixed response from mortgage lenders. Despite pressure from Government Ministers, Halifax and Nationwide are opting not to pass on the full reduction to customers with standard variable rate (SVR) loans. So far, HSBC, Bristol & West, Lloyds TSB and [...]

December 5, 2008 | 0 Comments More
50% of lenders leave SVRs untouched by base rate cuts

50% of lenders leave SVRs untouched by base rate cuts

Financial information provider, Moneyfacts.co.uk, has revealed that half of the UK’s mortgage lenders have failed reduce their standard variable rates (SVR) in line with recent cuts in the base rate. According to the firm’s research, 50% of lenders have not made any reduction in SVR, from the October base rate cut. Meanwhile, 82% of lenders [...]

October 31, 2008 | 0 Comments More