Thousands of mortgage holders could find themselves paying even more if rates continue to increase
The report found that nine of the 15 biggest banks and building societies currently have SVRs that charge more than 8 per cent interest, as large providers including Barclays, Lloyds TSB and Co-Op Bank were all charging over 8 per cent.
are typically the most expensive offered by lenders and customers often revert on to them when they leave cheaper fixed-rate options., although this is not guaranteed. Some 679,000 of residential mortgage customers are currently on an SVR. Only one provider, Skipton Building Society, increased its rate by less than 3 per cent over that period, from 4.64 per cent to its current rate of 6.79 per cent.
Alastair Douglas, chief executive of TotallyMoney, said: “Anybody rolling off their introductory offer, and on to a SVR will be in for a real shock when they find out that their monthly mortgage repayments could be doubling. So if you’re not sure when your deal’s coming to an end, double-check so you budget accordingly.
Belgique Dernières Nouvelles, Belgique Actualités
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