What's your reason for being on SVR?

Kavanne

Tried to word that title in the least confrontational way possible. Sorry!

Anyway, before I got a mortgage I didn't even know there was such a thing I just thought everyone moved round on deals all the time... naive I know!!

So why are YOU on the SVR? Was it forced out of circumstances or was it choice? What are your feelings about your SVR in the current climate?

sujman

I've been on SVR for over a year now (base plus 2%). My reason was that I was looking to get an extension by cashing in on house price inceases and didnt want to tie myself into a deal before making the final desicion.

Little did I know that a year later, I've still to decide if its worth it!

That, general laziness and when working out the £1500+ fee over the course of 2/3 years, the real saving at the deals I looked at, at the time, were circa £25 per month. Whilst logic suggests you shoud take the saving, I didnt like the idea of paying so much up front. I can think of better ways to save £25 per month.

However, now, in the current climate (not that I've looked), I can't see myself finding a decent deal that has low fees and costs less than 1% over base.

olly300

No decent rates around plus I changed to being self-employed.

beecher

My fixed rate ends at the end of the month, and then I'll go onto the SVR. Wouldn't normally touch them as every other time I've come to the end of a deal, there's been a better option than the SVR.

For example 5 years ago I got a fix for 3.89% while the SVR was 5.65%. For slightly higher fees now I'd get a fix of 4.89% while the SVR is 4.75%. It just doesn't add up for me at all.

I think the current SVR is fine, and I'm hoping fixed rates come down so as I can jump on a 5 year fixed rate for around 4.5% or so,

ajbell

My discounted deal came to an end back in may and their were no decent deals, turned out well as i'm now on Nationwides svr at %4.00. Much better than any deal i could have got back in may or even now.

Hotspur

My tracker deal ended earlier in the year and all new deals had a big fee attached which wiped out any saving. Always a gamble and sticking to the Nationwides SVR has paid off so far. Am overpaying as well so should be mortgae free within 5 years.

dunstonh

I'm about to return to SVR after 5 years on a tracker. Typical that it runs out a bit early but there you go.

Im going to wait it out on SVR for a while and then move into a low fixed rate once they start becoming available.

cbrpaul

beecher wrote: »

I think the current SVR is fine, and I'm hoping fixed rates come down so as I can jump on a 5 year fixed rate for around 4.5% or so,

my thoughts exactly !!!!!



:beer:

Anastasia

Fixed rate came to an end last year. Worked out it was cheaper to simply go onto SVR if I took into account fees for new deal.

Also, separated from OH and changed to Interest Only. Mortgage payments have reduced with every rate cut. Best thing I ever did!

waves117

My fixed deal ended 3 months ago, and my mortgage is too small to leave my current lender as i would incur arrangement fees etc from a new lender which isnt financially worth it.

Adebisi

It was the best deal around at the time (just over 3 years ago) for my circumstances glad I stayed with it now as it tracks just 1% over the BoE base rate.