MSE News: Santander to raise mortgage SVR in blow to borrowers

Former_MSE_Guy

"Santander will become the latest lender to raise its standard variable mortgage rate (SVR), in a massive blow to hundreds of thousands of homeowners...."

Read the full story:
Santander to raise mortgage SVR in blow to borrowers

pepper33

We are on a flexible rate for two years? Will that be raised?

shortchanged_2

pepper33 wrote: »

We are on a flexible rate for two years? Will that be raised?

It depends what your rate is tied to.

What is your rate tied to?

pepper33

will have to have a look....

Pincher

Give them cheaper money, and they raise the rate.

Reminds me of Geri Halliwell's "Scream if you want to go Faster".

opinions4u

Didn't the other lenders who varied their SVRs give at least two full months notice?

LisaV

This will cost me an extra £50 a month which will go straight into greedy bankers' pockets! :mad:

I am currently on Santander SVR as I bought in 2006 on a 10% deposit mortgage 2 year deal. I think I am somewhere between 5 and 15 % capital in the property at the moment.

Does anyone have any ideas on my options?

ILW

Pincher wrote: »

Give them cheaper money, and they raise the rate.

Reminds me of Geri Halliwell's "Scream if you want to go Faster".

I believe the idea of the cheap money from the governments is to encourage the banks to lend to businesses, not to keep low rates for existing mortgage holders.

harvey115

LisaV wrote: »

This will cost me an extra £50 a month which will go straight into greedy bankers' pockets! :mad:

I am currently on Santander SVR as I bought in 2006 on a 10% deposit mortgage 2 year deal. I think I am somewhere between 5 and 15 % capital in the property at the moment.

Does anyone have any ideas on my options?

I would think you would gain very little in getting remortgaged of you are still on the 90% LTV.

Look around for a better rate that fits your LTV and see how much of a difference would it make.

pepper33

pepper33 wrote: »

will have to have a look....

Just read on the DM website This is Money, that it doesn't affect flexible mortgages..... phew

WibbleSnarf

About time more of this started to happen. Hopefully it will help get house prices back down to a sensible level and hopefully the banks will pass on some of this interest rate increase to savers who have been saving for a deposit for a house and who are seeing their savings eroded by inflation with every passing day. Looking forward to Nationwide and the other big players following suit in the next few days.

Anyone who has been reckless and borrowed beyond their means at a time of historically unprecedented interest rates and who hasn't budgeted for a return to historically 'normal' interest rates deserves little sympathy.