Britannia/Mortgage Advisory Services put SVR up by 0.75%!!!!!!

swanseajack61

I am with Mortgage Advisory Services who are a subsidiary of Britannia. Had a letter off them today stating that due to the current financial market they will be increasing our SVR rate by 0.75% to 3.49%, the last rate cut wasn’t passed on now they have the cheek to increase it!!!

I am gobsmacked, the bank of England and government lower rates to help people and this company have taken it upon themselves to increase the rate for no reason of no link to the current interest rates.

I am tamping is there anything I can do about this. :mad:

bluebaron

I'm with Halifax and the SVR is 3.5% so 3.79% is pretty standard, be glad you got is so cheap for a while.

I agree though SVR should be about 2% with the base so low.

_Andy_

The SVR doesn't have to follow the base rate - if you require that then a base rate tracker product would be more appropriate.

TuftyMatt

I am with Britannia and they say that the SVR is around 4.25%

If you are paying less than this then I would say be happy with that.

SuzieMum

Today the Brittania SVR is 4.49% so their subsidiary being only 3.49% is bloody brilliant.

opinions4u

swanseajack61 wrote: »

I am with Mortgage Advisory Services who are a subsidiary of Britannia. Had a letter off them today stating that due to the current financial market they will be increasing our SVR rate by 0.75% to 3.49%, the last rate cut wasn’t passed on now they have the cheek to increase it!!!

While this doesn't help, 3.49% is competitive. Try beating it by shopping around for a remortgage. I think you'll struggle.

I am gobsmacked, the bank of England and government lower rates to help people and this company have taken it upon themselves to increase the rate for no reason of no link to the current interest rates.

Unless the terms of your mortgage state otherwise, why should the Bank of England base rate have any bearing on your mortgage rate?

It may be a deliberate attempt to try and push some borrowers away - there is a credit crunch on and many lenders have mortgage books that are too big, and a combination of savings balances and wholesale funding that is too small.

I am tamping is there anything I can do about this.

No.

makemesumdosh

had a letter this week saying svr coming down to 4.24% somethink to do with co-op merger.

just fixed myself with them a few days ago at 3.99% for 2 years so wont effect me as going onto fixed rate in august,

have i done the right thing ?

i was paying over 5.00% on deal which ends in a few days so a decent saving on my monthly payment.

at the time of booking this was the best fee free deal