Estimated 4.3 million homeowners on a standard variable rate
An estimated 4.3 million homeowners are currently paying their lenders’ standard variable rate (SVR) according to research by HSBC.
Despite some of the best ever mortgage rates being offered and a huge amount of competition in the market, around four in 10 homeowners have not switched mortgages in order to get a better deal.
The average standard variable rate (SVR) now stands at 4.48% according to the Bank of England, although some lenders are charging much more. For example, Newcastle’s SVR is 5.99% while the Chelsea Building Society’s is 5.45%.
Aaron Strutt, product manager at Trinity Financial, says: “Not everyone is going to be able to swap to a better rate at the moment because they may not meet the criteria to qualify, but millions of borrowers seem to be paying money to their bank or building society each month unnecessarily. It doesn’t have to be a complicated process to switch to another rate.”
Some of the higher standard variable rates include:
- Nationwide Building Society - 2.5% or 3.99%
- Halifax - 3.99%
- NatWest - 4%
- Santander - 4.74%
- Yorkshire Building Society - 4.99%
- Skipton Building Society - 4.99%
- Chelsea Building Society - 5.45% - The rate was lowered to 5.45% from 5.65% on 30 November 2014.
- Leeds Building Society - 5.69%
- Nottingham Building Society - 5.74%
- Accord Mortgages - 5.79% - Accord's SVR was lowered to 5.79% from 5.99% on 30 November 2014.
- Darlington Building Society - 5.95%
- Newcastle Building Society - 5.99%
- Kent Reliance Building Society - 6.08%
If you would like help to switch to a lower mortgage rate, call Trinity on 020 7016 0790.
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