Has your mortgage lender recently raised their SVR

You may have seen recent press articles that some lenders have increased their standard variable rate (SVR). Meaning your monthly mortgage payments would increase if you are a borrower on SVR with these lenders.

Despite the Bank of England Base Rate staying at an all-time low, your lender may have the ability to increase their SVR. While not all lenders have made an increase some lenders could make a change at any time. Lenders could also have the option of increasing the cap on how much they can increase their SVR by, so it is also worth checking your contract to see if this may apply to you.

As an example if you had £100,000 left to pay on your mortgage with 15 years left on your term and experienced an increase of rate from 3.25% to 3.75%, this would equate to an increase of approximately £24.55 to your monthly mortgage payments. If you are on an interest only mortgage this would be higher still.

It is always a good idea to keep your mortgage under review to see if you are on the best rate for your circumstances. There are many options currently on the market, including product transfers with your existing lender. This type of offer can often mean there is no upfront fee to pay.

Here at Harvey Bowes, the team can take the hassle out of remortgaging and can help find the best deal for you. We are able to provide a full advice service and guide you through all the options available. There are many things to take into consideration when taking out a mortgage such as general insurance and protection; thankfully we all offer a full service in insurance and protection so why not contact us today? You can call on 029 2115 6918

Your home may be repossessed if you do not keep up repayments on your mortgage.

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About harveybowes
Mortgage Broker and founding Director of Harvey Bowes Limited. A mortgage broking practice with bases in Cardiff & Poole, UK. We take a fresh and positive approach to mortgage broking which pays dividends for both our clients and frankly, ourselves. The team at Harvey Bowes are expert advisors in all aspects of mortgages from residential to commercial and buy to let.

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