Warning issued over Standard Variable Rate mortgages by Which?

Higher interest rates aheadWhich? has warned that many people with Standard Variable Rate (SVR) mortgages will face financial difficulty when interest rates rise. A lender’s SVR is the interest rate that a mortgage moves on to after an introductory deal has come to an end. Around 40% of homeowners are currently paying their lender’s SVR. Rate cuts New research by Which? Money shows that 95% of mortgage lenders failed to fully pass on the cuts in Bank of England Base Rate we have seen over the past three years. The ...