Author Topic: Variable mortgage rates start to rise  (Read 2056 times)

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The Prophet

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Variable mortgage rates start to rise
« on: March 12, 2012, 08:50:58 am »
When did you last review your mortgage?
An amazing 49% of borrowers have not reviewed their mortgage in the last three years.
Even worse, apparently 50% of borrowers do not even know what their current interest rate is.

Despite the Bank of England holding the interest rate to 0.5% last week,  many lenders are edging up rates on their standard variable rate mortgages. (SVR's)
Yorkshire and Clydesdale increased their SVRs by 0.4% to 4.95% from 1st May 2012.
Bank of Ireland increased rates by 1% to 3.99% in June and plan a further increase to 4.49% in September.
Halifax is to increase its SVR to 3.99% from May - up 0.49%  (HBOS has around 850,000 people on their SVR mortgage)
RBS is also set to increase its SVR by 0.25% in May to 4%.
About 40% of borrowers are believed to have a SVR mortgage, most when their fixed rate deal ends.