Skipton SVR

Weizsler

After quickly reading about Skipton BS rasing its SVR is it likely that other banks will follow suit?

I am currently with Lloyds SVR of 2.5% should I be worrried that the rate will rise. If the banks make state they will never be more than 2 or 3 percent above B.O.E. base rate can they just decide to change their mind?

Please excuse my ignorence if anything I am asking should be plain to see, currently working 84 hrs a week, I love the overtime it just melts my brain.

VIGILANT22

If they have a clause like skipton did yes they can....I believe UCB Homeloans (a wholly owned subsidiary of Nationwide Building Society ) have just announced as from Feb they're increasing the SVR to 5.29%.

magpiecottage

That is correct. I understand that some Nationwide accounts will come off fixed rate deals onto a variable rate that cannot be more than 2% above Bank Base Rate but if you take another deal it will then go onto whatever the "normal" SVR is.

If you are in that situation a new fixed rate may be worth taking but weigh up what you are losing.