Standard Variable Rates
Halifax released news that they have increased their standard variable by 14% from 3.49% to 3.99%, this being the start of a growing trend amongst lenders.
It has been seen as good news that the Bank of England base rate is being held at 0.50% for it’s third year. Although this will mean currently borrowers can receive cheaper fixed and tracker deals once these start coming to an end; this trend could mean in some cases people’s monthly payments will increase significantly.
Whilst this is concerning, the lenders are only really bringing their standard variable rate in line with other lenders, with the top 6 lenders rates varying between 3.89% to 4.24%.
All of the above means all clients with residential or commercial mortgages coming to the end of a special deal like a fixed or discount period, a review of the market could be majorly beneficial.
Should you require any further information or advise on this, don’t hesitate to contact Chris, Rich or Ella on 01482 638300 or e-mail to email@example.com