Will SVR mortgage rates fall now interest rates have been cut?
Today Mark Carney the governor of the Bank of England, announced an interest rate cut to 0.25%. The question that many SVR holders may now be asking is – when will they see their mortgage rate fall?
Today both Barclays and Santander announced a SVR rate cut by 0.25%, but so far they are the only lenders to come out and confirm their rate will fall in line with the base rate cut.
During his speech Mr Carney made it quite clear that banks will have no excuse for not passing this rate cut on to borrowers. However, despite this, industry experts believe we won’t see a universal SVR rate cut.
This means if you are an SVR mortgage holder, don’t sit and wait for your rate to come down, be proactive and remortgage to a better deal.
There are many low rate offers available in the market, and so seek advice and a ‘whole of market’ search from Deal Direct. We have vast experience helping SVR mortgage holders, and those coming to the end of a fixed term, to switch deals.
We have access to all lender mortgage ranges which means we could compare every product on offer at your equity level, to ensure you end up on the most competitive and affordable remortgage going.
Don’t wait for SVRs to fall, contact us today to find out how much we can save you on your home.
For advice on switching from your lenders SVR,
call 0800 048 8828.
