Santander SVR

latix

Hi,

I currently have a mortgage with Alliance and Leicester (Santander) which ended its 2yr fixed agreement in March. As a result of dropping onto its SVR I am paying less now and therefore was happy to keep it on the SVR for the foreseeable future. However with the threat of SVR being increased by mortgage lenders I now don't know what to do. Do you know what Santander are planning on doing regarding their SVR as I am now thinking i would be better off going on a fixed rate instead?

Regards
Dave

The_J

What is the SVR? A&L had a variety of reversionary rates some of which are much better than others.

You may be able to fix at an amount less that you are currently paying for a period of time and this would clearly be a no brainer.

comp-uter_guy

Hope you don't mind me piggy-backing onto this conversation but I'm in exactly the same situation. The SVR is currently 4.24% which I have just dropped onto after my fixed rate ended earlier this month. I rang them up and was offered either a 2 or 3 year fix at 4.99%, or a tracker at 4.49% above the base rate (all with a £100 setup fee (or free if you bank and pay your mortgage through Santander)). I read that Santander recently said they didn't intend to raise their SVR anytime soon but maybe today's news about them struggling may affect that statement. Unfortunately I'm currently in negative equity so can't move elsewhere so I'm wondering what to do.