SVRs - question

sitesafe

I keep seeing postings by people who may be dropping onto their bank's SVR once they reach the end of the mortgage deal.

I kind of know what an SVR is but is there a list of all the banks and their SVRs rates so I can compare them with my own banks (Sanatanders) - I've tried looking for a site online that does this? It's just that I keep hearing about some quite low SVR rates but I don't think Santanders is very low in comparison to the ones I keep hearing about.

Thank you:D

herbiesjp

You cannot swap onto a different lender's SVR though.

sitesafe

herbiesjp wrote: »

You cannot swap onto a different lender's SVR though.

Hi...thanks for reply.

I'm just wondering where you can see a list of different lenders rates just out of curiosity wondered if there's a website where you can view them all without having to look on all the different banks' sites...

Thrugelmir

Many of the low SVR's quoted are not available to new borrowers. People are defaulting onto these rates as their fixed term products expire.

Santander's SVR although not low is below the average of all mortgage lenders current rates.

herbiesjp

Dont know of such a site.

You can look at moneysupermarket or moneymadeclear websites - however they will not show SVRs as a list

sitesafe

Thrugelmir wrote: »

Many of the low SVR's quoted are not available to new borrowers. People are defaulting onto these rates as their fixed term products expire.

Santander's SVR although not low is below the average of all mortgage lenders current rates.

Thanks for reply...

do you know of a website that lists all the banks SVRs?..

sitesafe

herbiesjp wrote: »

Dont know of such a site.

You can look at moneysupermarket or moneymadeclear websites - however they will not show SVRs as a list

ok thanks herbisjp...

sitesafe

Just an example - biffa48 has put a thread today...

coming to end of fixed onto to the SVR of C and G which is currently 2.5 ....

are banks SVRs set at that rate or do they change according to the customer

herbiesjp

Their follow-on rate was capped at no more than 2% above Bank of England.

Since the credit crunch, lots of lenders have changed follow on rates, to not be so attractive. So any new borrowers of C&G will be at the higher SVR rate they offer

kingstreet

Some lenders' deals end and the borrower reverts to the lender's standard variable rate. SVRs can be as little as 2.5% in the case of C&G and Nationwide, or as high as 5%+ for other lenders.

Sometimes products have a reversion rate which is different to the SVR. Off the top of my head, a good few dropped off a Woolwich fix onto BoE base rate + 0.45%, or a current rate of 0.95%.

There isn't a list of SVRs available anywhere I can think of. In the "old days" you'd have been mad to opt for a mortgage on SVR, but the lenders would allow it. Once SVRs dropped, lenders then barred borrowers from taking new mortgages on SVR.

sitesafe

herbiesjp wrote: »

Their follow-on rate was capped at no more than 2% above Bank of England.

Since the credit crunch, lots of lenders have changed follow on rates, to not be so attractive. So any new borrowers of C&G will be at the higher SVR rate they offer

thanks for all your help...i understand a bit more now...