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SVR mortgage borrowers `could benefit from switching`

By Matthew Plant - Financial specialist

9 February2010

Moneysupermarket has advised that hundreds of thousands of borrowers currently paying their lenders` SVR (Standard Variable Rate) could benefit from switching to a new deal, according to YourMortgage.co.uk.

With a number of building societies recently raising their SVRs, the benefit of staying with the lender`s variable rate has been reduced.

Hannah-Mercedes Skenfield, mortgages channel manager at Moneysupermarket, said that most borrowers on SVRs have recently been enjoying better rates than those offered to new borrowers, but added that this is beginning to change.

A mortgage expert at Think Money commented: "Unless you`re tied into a deal, it`s always worth keeping one eye on the market to see if there are any better deals available.

"Many SVRs have actually been cheaper than the fixed-rate mortgage deals on offer in recent months, but homeowners should consider whether they`d be willing to pay more today for the long-term security a fixed-rate mortgage can offer."

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Tags: mortgage, variable, variable rate, standard variable rate

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