L & C Mortgages' SVR watch

What have lenders done?

Bath and Manchester Building Societies are just the latest in a string of lenders to bump up their Standard Variable Rate (SVR), despite the fact that there has been no movement in Base Rate since it was cut to 0.50% in March 2009.

How will that affect me?

These changes will affect any borrower that is on an SVR or an SVR-linked product (generally known as a discounted rate) and if your mortgage rate is going up then this will clearly lead to an increase in your monthly repayments.

Our SVR watch table below gives an overview of the impact of some of these SVR increases on your monthly mortgage payments - you can personalise the numbers to reflect your own situation using our rate change calculator.

Increases in SVR since Base Rate fell to 0.50%

Lender Old SVR New SVR Increase in Monthly Payment*
Repayment Interest Only
* Based on £100k mortgage over 25 years
Bath BS 5.10% 5.29% £11.18 £15.83
Manchester BS 4.84% 5.49% £38.18 £54.17
Leeds BS 5.49% 5.69% £12.00 £16.67
Buckinghamshire BS 4.75% 5.24% £28.54 £40.84
Hanley Economic BS 4.74% 5.19% £26.17 £37.50
Norwich & Peterborough BS 4.85% 5.35% £29.28 £41.66
Ecology BS 4.65% 4.90% £14.40 £20.83
Holmesdale BS 4.54% 4.89% £20.09 £29.17
Skipton BS 3.50% 4.95% £81.06 £120.83
Accord 5.34% 5.99% £39.12 £54.17
Mansfield BS 5.24% 5.59% £20.81 £29.16
Marsden BS 5.49% 5.95% £27.76 £38.33
Kent Reliance BS 5.78% 6.08% £18.28 £25.00
Cambridge BS 4.00% 4.59% £33.11 £49.17
Scottish BS 5.04% 5.29% £14.69 £20.83
Ipswich BS 4.99% 5.49% £29.48 £41.67

What can I do?

With Standard Variable Rates being increased it makes a lot of sense to review whether you have the best deal, particularly as the mortgage market has become more competitive recently.

  • Rather than stand for the SVR increase, use our one minute mortgage check to see if you could be better off switching your mortgage.
  • Call our SVR Watch helpline on 0800 9530533 to speak to one of our advisers and see whether there could be a better deal available to save you money.
  • Complete the enquiry form below and request a call from one of our advisers

Phone enquiry form

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For free, no-obligation mortgage advice, you can speak to one of our expert advisers on:

0800 953 0304

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London & Country Mortgages Ltd, Beazer House, Lower Bristol Road, Bath, BA2 3BA is a company limited by shares.

Our Companies House number is 1988608. We are also authorised and regulated by the Financial Services Authority. Our FSA number is 143002.