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Halifax has increased their SVR from 3.5% to 3.99% – affecting 850,000 customers.
RBS offset mortgage customers rates rise from 3.75% to 4% and Clydesdale and Yorkshire Banks have announced plans to raise their rates from 4.59% to 4.95%, affecting 30,000 residential mortgage customers – and it is feared now the ball is rolling many other lenders will follow by putting up their standard variable rates.
The SVR rate is the standard rate which a large number of borrowers revert to after their tracker deal or fixed rates have expired. With the historically low interest rates many mortgage customers have been happy to remain on the lenders SVR rates, until now as lenders announce rate rises in their SVR rates despite the Bank of England Base Rate remaining unchanged.
“With so many people leaving their mortgage on the lenders SVR rate when their fixed rates came to an end we are likely to see huge demand on mortgage brokers, as mortgages customers rush to secure the best deals to avoid the SVR rate rises”
Avoid future rises in your lenders SVR – find out how much a new mortgage could save you – get in touch with Ascot Mortgages today…
Remortgaging is applied when you keep
living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.
Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.
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We will search across the market for you.
A lot of borrowers have reacted angrily towards the rate rises as interest rates are at their lowest they have been for three years, and there is no movement there, but the cost of borrowing has gone up and the banks want to pass that cost on to their customers, typically any SVR rises will also effect buy to let mortgages, which will have a knock on effect on rental property prices.
An RBS spokesman said the rises were down to the higher costs they were incurring borrowing money, which they had absorbed for some time before opting to pass it on to some of their customers.
The news come as families are facing ever-increasing costs of living, and any rise in mortgage payments could lend to an increase in payment problems and arrears, mortgage customers with high ltv mortgages (e.g. 90% Mortgages, 95% Mortgages) will find this increase particularly difficult. Worried mortgage customers can speak to a reputable mortgage broker such as Ascot Mortgages who will be able to make sure you are getting the best mortgage deals available to help make your repayments more affordable. Rate rises do not affect customers who have a fixed rate mortgage, as the rate remains unchanged during the fixed rate period, eg 5 5-year fixed rate mortgages.
Get things moving, apply for a remortgage.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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