Abbey, Alliance & Leicester SVR mortgages 'could save customers money'

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www.moneynews.co.uk > General finance > Abbey, Alliance & Leicester SVR mortgages 'could save customers money'

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Abbey, Alliance & Leicester SVR mortgages 'could save customers money'

Industry analysts have advised that reverting to a standard variable rate (SVR) mortgage could save Abbey and Alliance & Leicester mortgage holders money.

Equally, switching from an SVR to a fixed-rate mortgage could see customers paying over the odds on their mortgage, analysts at Moneysupermarket.com have warned.

Louise Cumming, head of mortgages for the website, said that changing from an SVR mortgage to a two-year fixed-rate mortgage paying 4.89 plus one per cent fee could cost Alliance & Leicester customers £1,170 on a £150,000 mortgage.

She said: "There's no doubt about it, SVRs are back in vogue following last week's base rate drop. […] As such, borrowers should be vigilant and not blinded by headline grabbing fixed-rate deals."

Following the Bank of England's historic cut in the base rate of interest last week many lenders withdrew their tracker mortgages from the market completely.

Gordon Brown entered the mortgage debate this week by calling for mortgage lenders to behave responsibly at his monthly press conference.

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