Millions of borrowers sitting on their lenders SVR

An estimated 4.4 million borrowers, representing 39% of the market, are currently paying their lenders standard variable rate, according to research by a leading UK bank. The report suggests that 3.6 million borrowers are sitting on their lenders standard variable rate even though they are in a position to remortgage to a lower rate. Providing borrowers have 15% equity in their property and qualify for a sub 4% mortgage, they could potentially save thousands each year. The average UK standard variable rate is 4.86%. December 7, 2012