Three lenders cut SVRs by 0.25% but rates still remain uncompetitive.
The BoE rate was reduced by 0.25% last week, and slowly we are starting to see lenders reduce their SVRs by a similar amount.
Barclays, Santander and now Virgin, have all announced a rate cut - but is it enough?
The fact is SVRs remain uncompetitive against average fixed rates. For those borrowers defaulting onto their lender’s SVR, owing a home becomes very costly. Choosing to switch to a SVR makes no sense when there a cheaper deals to be had, and costs so much more in the long term.
If you are coming to the end of a fixed term don’t sit and do nothing. Act by searching the market to compare what’s on offer at your deposit level. If it seems like too much of a hassle or you’re daunted by the extent of the task, call 0800 048 8828, and get one of our advisers to do it for you.
With Deal Direct you don’t have to worry about not getting the very best deal for your equity level. We are both independent and ‘whole of market’, which ensures that you get the very best impartial advice. We are not affiliated to any lender which means we act solely in your interest and your behalf.
Don’t miss out on a low rate offer AND don’t end up paying more for your home than you need to.
Call today to find out how much money we could save you on your home.
Deal Direct - 0800 048 8828
