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SVRs - do they always rise with interest rates?
RogerBoger
Posts: 2 Newbie
Our 2 year fix is coming to an end shortly and we've been offered another 2 years at 1.54%. Our lenders current SVR is 3.99%. I can't find a link for historical SVR's on their website so wasn't able to plot this myself.
My question is wheter SVR's always rise with interest rates (I appreciate they don't always pass on reductions)?
We may move before the 2 year fix repayment penalty, and the calculations between a 2 year fix with a repayment charge and the current SVR are negligible in the favour of the SVR. This obviously changes are SVRs rise.
My question is wheter SVR's always rise with interest rates (I appreciate they don't always pass on reductions)?
We may move before the 2 year fix repayment penalty, and the calculations between a 2 year fix with a repayment charge and the current SVR are negligible in the favour of the SVR. This obviously changes are SVRs rise.
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Comments
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Can you not port the product to a new property without paying an early repayment charge?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I should have stated, at the point of moving we would be looking to move mortgage provider.0
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Why would you move provider?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
RogerBoger wrote: »
My question is wheter SVR's always rise with interest rates (I appreciate they don't always pass on reductions)?
In normal times yes. These aren't normal times so the answer is subjective.0
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