Remortgaging? Watch Out for Soaring SVRs

The mortgage giant is following in the footsteps of Halifax, which raised its standard variable rate earlier this year. The Royal Bank of Scotland, the Co-operative, the Bank of Ireland and the Clydesdale and Yorkshire banks have all already done the same thing.
Santander’s rate increase, from 4.24% to 4.74%, may not be their last. The lender has broken a pledge about future increases, lifting its SVR limit from 3.75 percentage points above the Bank of England base rate to 4.99. That paves the way for a hike up to 5.49% – which would cost the average borrower hundreds more again.
This all sounds like bad news. However, with the launch of some very competitive remortgage deals there has never been a better time to look at your options.
Call us on 01223 266140 to discuss the best remortgage deals.
Posted in Mortgages, Remortgaging