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SVR - Misleading?
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I have a Secured Loan with First Plus on a SVR. My understanding of SVR is that if the Bank of England/Libor rates go up then the rate on your loan goes up and if they go down then the rate on your loan would go down too. How is it that First Plus are allowed to put their rates up while the BoE and Libor rates have gone right down?
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Comments
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No, SVR is whatever the bank want it to be.
Sorry, to be the bearer of bad news, but SVR is a bank term and nothing to do with BOE or LIBOR.
If you want a BOE mortgage then you need a BOE tracker (or LIBOR tracker) not a bank SVR mortgage.0 -
Thanks, I do think though that when marketing these loans that they imply that the SVR is related to this BoE or LIBOR rate and I'm sure if these went up they would be quick to relate to it!0
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