Mortgages - SVRs Go Up, Fixed Rates Go Down!
We currently seeing disparate movement in the mortgage market with some lenders raising their Standard Variable Rates, while others are reducing their foxed rate deals.Several lenders have launched new 'best buy' mortgages this week and over 300 new mortgage deals have been launched since the start of 2010. This had given 26% mortgages available for borrowers with a deposit of less than 10%. We've seen falls in some fixed rate deals as banks start to compete again within certain specific markets. For instance the average 2 year fixed rate deal has fallen from 4.88% to 4.81% - a small percentage but still a fall. The average 5 year deal has gone down by 0.09%. Santander has this week launched a new 2 year fixed rate deal ar 3.44% for those with a 30% deposit.
The flip side of this is that some lenders, such as Skipton and today Norwich & Peterborough, have increased their standard variable rates, as they face more competition in the savings market, a major source of their mortgage funding.
Norwich & Peterborough's SVR has been increased from 4.85% to 5.35%, despite an historically low Bank of England Base Rate of 0.5%.
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