LONDON, ENGLAND, February 25, 2010
/24-7PressRelease/ -- Norwich & Peterborough Building Society is the latest in a string of mortgage lenders to announce a rise in its Standard Variable Rate (SVR), despite the fact that there has been no movement in Base Rate since it was cut to 0.50% in March 2009. This follows Skipton's announcement of a 1.45% hike in January.
These changes will affect any borrower that is on an SVR or an SVR-linked product (generally known as a discounted rate) and if your mortgage rate is going up then this will clearly lead to an increase in your monthly repayments.
L&C's SVR watch table gives an overview of the impact of some of these SVR increases on borrowers' monthly mortgage payments. Borrowers can personalise the numbers to reflect their own situation using
L&C's rate change calculator.
Borrowers should be keeping a sharp eye on their mortgage rate at the moment and making sure that they're not paying more than they need to. Richard Morea, technical manager at L&C says "with Standard Variable Rates being increased, it makes a lot of sense to review whether you have the best deal, particularly as the mortgage market has become more competitive recently."
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Notes to Editors:
London & Country (L&C) is the UK's leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.
L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to
www.lcplc.co.uk/green.
L&C has won numerous awards including:
Best Mortgage IFA/Adviser of the Year - Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser - Money Marketing 2007
Best Mortgage Broker outside London - Mortgage Strategy, 2004 and 2005
Best National Broker - Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker - Mortgage Introducer 2005
Overall broker of the year - Pink Home Loans, 2006 and 2007
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year - The Bath Business Awards 2005
Growth Strategy of the Year - National Business Awards (Wales and West) 2008
Business Leader (Broker) - British Mortgage Awards - 2008
Online Mortgage IFA of the Year - Financial Adviser - 2008
For further information please contact:
David Hollingworth, Head of Communications
Office: 01225 341211
Mobile: 07710 634044
Richard Morea, Technical Manager
Office: 01225 341312
Mobile: 07970 885168
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