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News Tag: SVR

October 3, 2012

Mortgage payments rise for Santander customers

by Jan Harris
XXX
Santander has increased its standard variable rate (SVR) from 4.24 per cent to 4.74 per cent, adding an extra £26 per month to monthly repayments on a £100,000 mortgage. The move, which was announced in August, came into effect today. The increase will affect existing mortgage customers who are on the SVR rate, including customers who were on a fixed-rate or tracker deal which defaulted to the SVR ...




May 2, 2012

Mortgages more expensive following SVR increase

by Jan Harris
Mortgages more expensive following SVR increase
Mortgages are more expensive for one million homeowners after the Halifax, the Co-operative Bank, Clydesdale Bank and Yorkshire Bank all increased their standard variable rate (SVR) yesterday. Many mortgages revert to the SVR when a fixed-rate deal comes to the end of its term. Lenders are increasing their SVRs due to the higher cost of borrowing from European wholesale money markets, which makes it ...




April 3, 2012

Co-op Bank announces mortgage rate increase

by Jan Harris
Co-op Bank announces mortgage rate increase
The Co-operative Bank has announced plans to increase its standard variable mortgage rate (SVR) by 0.5 percentage points to 4.74 per cent from 1 May. The increase means that 54,000 mortgage borrowers will have to pay an average of £15 a month more on their mortgage. The bank has increased its rates to help offset the higher costs of funding mortgages. Changing conditions ...




March 7, 2012

Bank of Ireland raises cost of mortgages

by Jan Harris
Bank of Ireland raises cost of mortgages
The Bank of Ireland has become the latest lender to increase the standard variable rate (SVR) on its mortgages. Around 100,000 UK customers will be affected when the bank increases the SVR from 2.99 per cent, to 3.99 per cent in June There will be a further increase in September, when the SVR will rise to 4.49 per cent. This will mean ...




June 22, 2011

SVR mortgage holders will suffer when interest rates rise

by Kay Mitchell
”SVR
Consumer group Which? has warned homeowners with SVR mortgages that they will be financially squeezed once interest rates are lifted. A Standard Variable Rate (SVR) is a mortgage in which the rate of interest is varied from time to time by the lender but it is usually set at about 2% above the Bank of England’s interest rate. Consequently, ...




March 24, 2010

Stroud & Swindon merger benefits SVR borrowers

by Gill Montia
”Stroud
Mortgage borrowers on Stroud & Swindon Building Society's standard variable rate (SVR) can expect to see their monthly repayments reduced once the mutual is absorbed by the larger Coventry Building Society. In an announcement confirming the merger, Coventry says its financial strength will deliver an "immediate benefit" for many Stroud & Swindon members. The statement reads: "Those borrowing members currently paying ...




March 13, 2010

Lloyds launches mortgage overpayment scheme

by Gill Montia
”Lloyds
Lloyds Banking Group is inviting its standard variable rate (SRV) mortgage customers to increase their monthly repayments. Under a new scheme that will run for a year, borrowers can overpay by up to 20% without incurring a financial penalty. Research by the bank, which is the UK's biggest mortgage lender, suggests over 63% of mortgage customers would definitely consider overpaying, or increasing their existing ...




March 4, 2010

Why you should check the SVR on your mortgage

by David Masters
Why you should check the SVR on your mortgage
Millions of homeowners across the UK have no idea what interest rate they're paying on their mortgage, according to research by Post Office Mortgages, A poll by the lender found that while 35% of borrowers are currently on a standard variable rate (SVR) mortgage, 28% - around 3 million homeowners - don't know what rate they're paying. The Post Office ...




February 23, 2010

Skipton faces legal challenge to SVR hike

by Gill Montia
”Skipton
Skipton Building Society's decision to raise its standard variable rate (SVR) has resulted in an unexpected challenge from law firm, Leon Kaye. In January, Skipton announced its intention to increase its SVR from 3.5% to 4.95% from 1st March 2010, despite the base rate remaining to an all-time low of 0.5%. The lender evoked “exceptional circumstances” clauses that allowed it to remove ...




January 27, 2010

Many SVRs “disjointed” from base rate

by Gill Montia
”Many
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 financial website's spokesperson, Michelle Slade, says: "Many ...




January 21, 2010

Skipton BS raises standard variable rate

by Gill Montia
”Skipton
Skipton Building Society is increasing its standard variable rate (SVR) from 3.5% to 4.95%. The change is effective 1st March 2010 and will occur despite the base rate clinging to an all-time low of 0.5% The lender has evoked "exceptional circumstances" clauses that allow it to remove an SVR cap of 3% above base rate as follows: "Base rate is less than or ...




June 3, 2009

Homeowners look to fix as enthusiasm for SVRs wanes

by Gill Montia
Homeowners look to fix as enthusiasm for SVRs wanes
Britons appear confident that the Bank of England's base rate has bottomed out at 0.5% and are therefore favouring fixed-rate mortgage deals. According to Abbey's mortgage index, last month 60% of homeowners preferred the idea of a fixed-rate home loan, on the basis that it could offer protection from future rate rises. The figures compares with 52% favouring a ...




April 27, 2009

Nationwide mortgage rate parts company with the base rate

by Gill Montia
Nationwide mortgage rate parts company with the base rate
Nationwide has announced that customers taking out fixed-rate mortgages will no longer revert to its base mortgage rate (BMR), when the fix comes to an end. The building society's BMR, which is the equivalent to a standard variable rate (SVR), has been falling in line with reductions in the base rate and currently stands at a market leading 2.5%. However, ...




February 20, 2009

Lenders’ SVRs reflect one-third of base rate cuts

by Gill Montia
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 customers with new tracker rate loans ...




February 6, 2009

Mortgage lenders pass on 0.5% rate cut

by David Masters
Mortgage lenders pass on 0.5% rate cut
Eight major lenders yesterday confirmed plans to pass on the full 0.5% base rate cut to mortgage holders. Abbey, Barclays, Cheltenham & Gloucester, Halifax, HSBC, Lloyds TSB, Nationwide Building Society and Skipton Building Society have all announced interest rate cuts. Abbey said the full rate cut will be passed on to tracker mortgage holders, whilst its Standard Variable Rate (SVR) mortgage is ...




January 15, 2009

HSBC launches 2.99% two-year discount mortgage

by Gill Montia
HSBC launches 2.99% two-year discount mortgage
HSBC is launching a new home loan at the astonishingly low rate of 2.99%. However, the lender's Premier two-year discount deal is only available to its Premier customers who must hold £50,000 in savings and investments with the bank or already have a £250,000 mortgage with HSBC. They will also need a minimum income of £75,000 plus 40% of the equity in the ...




November 6, 2008

Lloyds TSB passes on 1.5% base rate cut in full

by Gill Montia
Lloyds TSB passes on 1.5% base rate cut in full
Lloyds TSB has confirmed that it will pass on today's 1.5% cut in the base rate in full, to mortgage borrowers on its standard variable rate (SVR). The bank had previously pledged that its SVR will never be pitched more than 2% above the Bank of England's base rate. Today's reduction takes Lloyds TSB's SVR down from 6.5% to ...




October 31, 2008

50% of lenders leave SVRs untouched by base rate cuts

by Gill Montia
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 have not passed on ...




October 27, 2008

Mortgage lenders reluctant to lower SVRs

by Gill Montia
Mortgage lenders reluctant to lower SVRs
Financial information provider, Moneyfacts, has reported that the 0.5% cut in the Bank of England's base rate made earlier this month has not been passed on by three quarters of UK mortgage lenders. The emergency reduction, to 4.5%, was made on 8th October in a coordinated action with other central banks. However, only one quarter of UK mortgage providers have responded by lowering ...




October 22, 2008

A&L cuts standard variable rate by 0.25%

by Gill Montia
A&L cuts standard variable rate by 0.25%
Alliance & Leicester (A&L) has cut its Standard Variable Rate (SVR) from 7.19% to 6.94%. The 0.25% reduction applies from 30th October; existing customers on the lender's SVR and those with SVR discounted loans will see their monthly payments change from 2nd November. The bank is also advising borrowers with base rate tracker loans that rates will fall by 0.50% from 1st ...