What's your reason for being on SVR?

skint_chick

I can't change lender because i don't have enough equity, and the only existing customer deals available have huge fees on them. The difference in payments between these deals and the SVR isn't big enough to justify adding the fee to my mortgage and eating up even more of my ever decreasing equity! So I'll stick with SVR for a few more months to see if anything more appealing comes along. If not I'm on 4.75%, less than I've been paying on my tracker so I'm happy enough. It could be a LOT worse....

WestonDave

At the time First Direct only offered their offset mortgage as either fixed or SVR versions - I wanted an offset mortgage as we had money to set against it for renovations. Current rate is 4.69% and will apparently drop to 3.69% from January. Although I qualified for the HSBC 0.99% Tracker that was around recently I wouldn't have saved enough on that to pay back the £800 initial fee.

Kavanne

Adebisi wrote: »

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.

That's surely a tracker then and not someone's SVR?

System

Hmm, is being on the SVR bad?

My 5.34% fixed deal expires in May and I'm quite looking forward to dropping onto the SVR and saving some money

Kavanne

Joeskeppi wrote: »

Hmm, is being on the SVR bad?

My 5.34% fixed deal expires in May and I'm quite looking forward to dropping onto the SVR and saving some money

Well it seems you then have the worry 'is my lender going to pass on the cut?'

System

Kavanne wrote: »

Well it seems you then have the worry 'is my lender going to pass on the cut?'

Given I'll already be saving money it wouldn't be a worry as such, just a bonus if they did.

abby1234519

Well OH mortgage is 62k which on C+G SVR currently is only £388
Going down to £368ish.
Not worth paying £1000 to get onto a 3.89 fixed rate, I doubt it would save us that much. Anyway we want to build up some back up savings. If the interest rate went up it wouldn't cause us too much hassle. I earn 15k he earns 17k so after the mortgage has gone and and made debt repayments we still can afford to live.
I think the day we decide to move to a bigger house we'd want to have a tracker deal just for comforts sake.

Bromley86

Kavanne wrote: »

That's surely a tracker then and not someone's SVR?

Not necessarily. For example the ING Direct SVR has a cap of 0.9% above BoE. Although that cap has been removed now, it still applies to mortgages opened before it was removed.