L & C Mortgages' SVR Watch

What have lenders done?

Norwich & Peterborough Building Society is the latest in a string of lenders to announce a rise in its 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.  This follows Skipton’s announcement of a 1.45% hike in January. 

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
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
*Based on £100k mortgage over 25 years

 

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.

We don’t charge a fee for our advice and there’s no obligation.