When to jump from SVR

duncan32

Hello all,

I certainly don't expect a magic answer on whether I should be moving onto a fixed rate now or when to do it, but I am just interested to hear what other people (in the same boat) are actually doing. I automatically moved from a fixed rate back in March this year, as the current 2 year term ended. I'm with Cheltenham and Gloucester, so that's only a % above base rate. I am planning on staying on it for as long as I can! What are other people doing?

Thanks,

Duncan

virgin_moneysaver

I'm dithering a bit, my FR fininshes at end of September when I move onto SVR 4% - I have been offered by same company new 2 yr fixed 3.59% £199 fee

michaels

If your svr is more than this it is probably worth moving to the hsbc 2.49 svr discount if you have the equity and want to be on an vr product.

Jacka87

If your svr is more than this it is probably worth moving to the hsbc 2.49 svr discount if you have the equity and want to be on an vr product.

i find it curious that you are suggesting that somebody moves to HSBC when your signature clearly has a dig at HSBC for the way they treat existing customers???

koexelek

The C & G SVR is one of the best.

I'd be reluctant to move off of that at the moment

Peelerfart

Yup ! steady as she goes Duncan32 and keep your eyes and ears open.

We may never see rates this low again and I think it would be a shame not to take advantage, unless of course, you can't due to a fix.

samizdat

I agree, I'd stay on that for as long as it stays below any fixed rate deals.

beecher

Just keep an eye on your LTV which you haven't mentioned. If you're close to 90%, or close to negative equity you might find you can't find a deal when you want to fix and would be stuck on the SVR as it rises.

michaels

When I took an HSBC svr linked product their svr was very competitive - it is no longer the case - but this may mean that it is now unlikely to become any less competitve going forward. However there is no 'commitment' like some of the other lenders have (or had eg Nationwide) to keep the svr within 'x%' of the base rate.

Jacka87 wrote: »

If your svr is more than this it is probably worth moving to the hsbc 2.49 svr discount if you have the equity and want to be on an vr product.

i find it curious that you are suggesting that somebody moves to HSBC when your signature clearly has a dig at HSBC for the way they treat existing customers???

WestonDave

You can book First Direct rates now and as long as you have paid the £99 booking fee, you don't have to actually transfer over from your current rate for 6 months - so a few months back I locked in their 3 year 4.09% deal but am sitting on the SVR at the moment and will switch either when SVR's start to rise or when I'm getting close to the 6 months. You still get a full 3 years at the fixed rate unlike some banks that advertise 3 year deals that are really fixed until 31/7/12 so if you start late you lose some of the fixed period.

duncan32

beecher wrote: »

Just keep an eye on your LTV which you haven't mentioned. If you're close to 90%, or close to negative equity you might find you can't find a deal when you want to fix and would be stuck on the SVR as it rises.

House is worth about £155k these days and the mortgage is £80k.

Thanks.

Duncan