2.3 million SVR mortgage holders now free to switch | What Mortgage
Typically these households have come off fixed term discounted mortgage deals which were available two or more years ago. Lenders SVRs, currently averaging [5.04 per cent]¹ are now well above current best buy deals; e.g. Yorkshire ’s 3.49 per cent 2 year variable rate tracker.²
However in the present environment the most competitive deals are only available for loans that have low LTV ratios, typically less than 85 per cent (meaning over 15 per cent in equity). Those coming off special deals on to SVR, but with LTVs remaining above 85 per cent, will be unlikely to remortgage to a more attractive rate.
The good news is that 75 per cent of the current 2.3 million SVR mortgage payers are ‘free to move.’ These 1.7 million (21 per cent of the total UK mortgage market) who have LTVs below 85 per cent have over £116 billion mortgage assets and are free to move to more competitive rates that could collectively save them up to £1.8 billion a year interest payments.³
In addition, the
July 27, 2010 No Comments
Consumers more likely to switch their football team than their bank
New research conducted by The Co-operative Bank Current Accounts has revealed that one in three (31%) people in Britain will freely switch which football team they support in this summer’s World Cup if their team is knocked out of the competition, or indeed if they failed to qualify whatsoever.
The research also shows that that one in five (19%) admit to having already switched which team they support in previous competitions, although four out of five people will put aside their club rivalries to support their national team.
In terms of switching which side you support though, it appears that children are much more likely to switch teams than their parents, with 24% of people under 18 admitting to team-hopping, whilst just 12% of the over 45 age group admit to the same. Meanwhile, 23% of people said that the behaviour of teams will influence who they support.
However, despite a willingness to switch who they support when it comes to the football, just 29% of people are prepared to switch their current account, despite general levels of… Continue To Read This Post..
June 16, 2010 No Comments