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MSE News: Clydesdale and Yorkshire banks increase mortgage SVR
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Former_MSE_Helen
Posts: 2,382 Forumite
This is the discussion thread for the following MSE News Story:
"The pair have become the latest mortgage lenders to announce a rise in standard variable rates ..."
"The pair have become the latest mortgage lenders to announce a rise in standard variable rates ..."
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The rest are sure to follow....just as I was looking forward to my fixed rate finishing with Woolwich in June and going onto their SVR.0
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The rest are sure to follow....just as I was looking forward to my fixed rate finishing with Woolwich in June and going onto their SVR.
Check your T&Cs, most Woolwich rates revert to base rate trackers.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
Another financial institution gets fed up with borrowers staying on their SVR rate and decides to try and give them a push. Their customers can now either stay on the SVR or move onto a mortgage deal, either with their current lender or elsewhere.0
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Check your T&Cs, most Woolwich rates revert to base rate trackers.
It says in the terms of my mortgage after my fixed rate of 3.59% ends " the rate will be a variable rate which is 1.99% above Barclays Bank Base Rate, currently 0.5% for the remainder of the term, to give a current rate payable of 2.49%"
Excuse my ignorance as I am not very clued up when it comes to mortgages but us this different from the SVR?0 -
Looks like a tracker to me. If you are paying a rate that is not 1.99% above BBBR then you are not paying the contractual rate.
My concern would be that they could decide they are going to vary the Barclays Bank Base Rate from the Bank of England Base Rate. Which would mean a change in payments without breaching the contract.
I would check your small print, or get the advisor that set up the mortgage to do it for youI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Strictly speaking they can change the Barclays Bank Base Rate and deviate from the Bank of England base rate. It refers back to the days of clearing banks. It is very unlikely though. You have, as good as can be, a tracker there.
There are plenty of people on +0.17% above BBBR for life so Barclays would have a pretty big incentive to increase that by now if they were going to.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
There is a very long and detailed thread on the Barclays Bank Base rate and how it mirrors the BoE base right only while it suits Barclays. Do a search, I'm sure you'll find it.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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RenovationMan wrote: »Another financial institution gets fed up with borrowers staying on their SVR rate and decides to try and give them a push. Their customers can now either stay on the SVR or move onto a mortgage deal, either with their current lender or elsewhere.
Where's elsewhere? Rates are rising across the board. Normality is returning to the market.0 -
Not many options out there for those wanting to jump ship.Thrugelmir wrote: »Where's elsewhere? Rates are rising across the board.
From Mortgage Strategy:Woolwich has reduced the funding tranches for its intermediary mortgage products after receiving exceptionally high demand.
The lender says it has received high demand recently because other lenders have repriced upwards, making its products more competitive.
In order to manage demand, it has reduced the tranches available to brokers for a temporary period.
Mortgage Strategy understands brokers have been struggling to secure funds in recent days.poppy100
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