Which? 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.
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 ...