Lenders shake up tracker mortgage products

Following the Bank of England’s December 2021 base rate increase to 0.25% several lenders have tweaked their tracker products and upped their standard variable rates.

Several lenders have tweaked their tracker products and upped their standard variable rates.  Lenders shake up tracker mortgage products 8

The likes of Santander have increased their SVR (standard variable rate) by 0.15% whilst upping the rates on all its tracker mortgages. The follow on rate will be 3.5% from February 2022.

Halifax will notify customers affected by the new rate rises.

Nationwide will be increasing its tracker products by February 2022.

The Alliance & Leicester will have an SVR rate of 4.49% by February 2022.

UK Finance figures suggest there are roughly 850,000 people on tracker rates meaning with the recent rate increases this would see a person paying an additional average of £15.45 per month added to their mortgage payments.

Personal finance analysts suggest that borrowers affected by rate hikes should consider remortgaging and switching to a fixed rate product for as long as possible. If you have less than 6 months remaining on your current deal you should be eligible to switch your current deal with your existing lender but check this with the lender as this can differ from lender to lender.

Call today and speak to one of our team for more information and help with finding the most suitable finance package that meets your needs and suits your specific circumstances.

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