SVR-Mort docs say 2% above BoE,is it fixed?

jo44_2

Hi all - I've been out of action for a while and am needing the support of the forum again.
I'm trying to find out if my Standard Variable Rate will stay at the % above Base Rate quoted in the Mortgage offer paperwork. Is it contractual or can they move the SVR % around?
Any help gratefully received.
Jo

grogdog

svr can move up or down but you will always that % above whatever it is.

jo44_2

Thanks for that - It's what I needed to hear
Jo

luckyfool

jo44 wrote: »

Hi all - I've been out of action for a while and am needing the support of the forum again.
I'm trying to find out if my Standard Variable Rate will stay at the % above Base Rate quoted in the Mortgage offer paperwork. Is it contractual or can they move the SVR % around?
Any help gratefully received.
Jo

If the offer specifies 2% above Bank of England Base Rate, then that is your contractual rate of interest and there is no scope for Bradford and Bingley, or any future owner of your mortgage debt (i.e. the government or anyone they sell the mortgage on to) to vary it to your disadvantage.

jo44_2

Many thanks.
I've got a couple of btls which I can't remortgage as the numbers don't work, so SVR is my only option - roll on interest rate cuts!
Jo