Good news for Alliance and Leicester mortgage holders.

Alliance and Leicester mortgage standard variable rates are to remain at their current level according to Santander, who confirm that neither its or Alliance and Leicester's SVRs will increase.

With a high proportion of UK mortgages reverting to lenders SVRs at the end of a fixed or discount period, many mortgage holders may find themselves with a significant mortgage rate rise.

If you have been notified that your lender's SVR is to increase then now is the time to contact Deal Direct for a new low rate remortgage deal.

Yorkshire and Clydesdale are just one of an increasing number of banks and building societies to announce their standard variable rate will rise. With an increase from 4.59 to just under 5 per cent, interest only mortgage payments on a £200,000 loan would increase by around £700 a year.

However not all lenders are following the pack and increasing rates. Amid speculation of further increases, Santander has come forward and confirmed that it currently has no plans to increase SVR levels. This is very good news for those with a Santander or Alliance & Leicester mortgage.

An estimated two million UK mortgage holders are thought to be on lenders standard variable rates and with more lenders SVR increases in the pipeline, many could end up paying far more for their mortgage than they need to.

Whilst the Santander and Alliance and Leicester mortgage rate may not change in the immediate future, rates in general are going up and not down.

If you have been notified that your SVR is to increase your next move should be to contact Deal Direct for independent remortgage advice. We will work on your behalf to compare the latest mortgage rates on offer to find the best deal for you.