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13 Dec 2019

News

Moneyfacts mortgage facts

Denise Harvey, mortgage analyst at Moneyfacts.co.uk, comments

“Two weeks on from the base rate cut 38 lenders (38%) have announced that they will cut their SVR. The majority of lenders have passed on the full 0.25% cut however five have cut their SVRs by less than 0.25%, including Northern Rock which has only passed on a 0.10% cut, see Table 1.

“Although many of the lenders have been quick to pass on the cut in base rate, 43% of them do not have any products linked to SVR. Of the lenders who have the most SVR linked products, the top seven have still not announced their intentions post April’s base rate cut, see Table 2.

“With the exception of HSBC, all the top 10 mortgages lenders have announced their SVR cuts. Currently the average SVR rate stands at 7.11%. It is disappointing to see that almost half of the top 10 lenders have SVR rates above average, with Northern Rock the worst offender with an SVR rate of 7.49%, which ties in with its business strategy. Despite these quick responses, the range of mortgage products offered by these lenders will be largely unaffected as only six products from three lenders are linked to SVR, see Table 3.

“A surprising fact is the number of mortgage lenders offering products at rates higher than their SVR. Today 21 lenders offer at least one full status residential product higher than their SVR including three of the top 10 lenders, see Table 4.

“Despite the Bank of England cutting base rate this month, we have already seen 26 mortgage lenders hike margins on variable tracker rates available to new borrowers, some by as much as 1.20%, see table 5.

“The average variable tracker rate for new borrowers has increased by 0.28% in the last month alone, from 6.23% to 6.51%.

“The average two and five year fixed rate mortgages have also shot up in the last month, two year rates rising from 6.29% to 6.52% and five year rates from 6.12% to 6.37%.

“Mortgage product numbers continue to decline. At the beginning of the year there were 7,931 mortgage products available; today there are just 3,906, a drop of nearly 50%.

“At the beginning of the year there were 862 mortgages available to 95% LTV; now there are 268.

Not all bad news……

“According to the CML, 35% of existing borrowers are on variable tracker rate mortgages, they will have seen rates drop by 0.50% in the last three months.

“All borrowers still on an initial rate and not looking for a new deal will have seen their rates either drop or stay the same (depending on whether they are on a variable or fixed rate deal).”

 

Table 1

Mortgage Lender

Date change received

Old SVR

New SVR

Change

wef date existing borrowers

wef date new borrowers

Abbey

16.4.08

7.34

7.09

0.25

 1.5.08

 1.5.08

Alliance & Leicester

23.4.08

7.44

7.19

0.25

2.5.08

23.4.08

Allied Irish Bank (GB)

14.4.08

7.40

7.15

0.25

6.5.08

14.4.08

Astra from N&P

17.4.08

7.30

7.05

0.25

TBA

24.4.08

Bank of Ireland Mortgages

17.4.08

7.34

7.09

0.25

17.4.08

17.4.08

Bank of Scotland Mortgages

11.4.08

7.60

7.35

0.25

1.5.08

17.4.08

Beverley BS

16.4.08

6.60

6.40

0.20

1.5.08

16.4.08

Birmingham Midshires Solutions

17.4.08

7.69

7.44

0.25

1.5.08

1.5.08

Bradford and Bingley

10.4.08

7.34

7.09

0.25

10.4.08

10.4.08

Bristol & West Mortgages

17.4.08

7.34

7.09

0.25

1.5.08

17.4.08

Britannia BS

18.4.08

7.05

6.80

0.25

TBA

TBA

Cheltenham & Gloucester

10.4.08

7.25

7.00

0.25

1.5.08

14.4.08

Cheshire BS

16.4.08

7.34

7.14

0.20

18.4.08

1.5.08

Co-operative Bank

11.4.08

7.24

6.99

0.25

1.5.08

14.4.08

Coventry BS

16.4.08

7.34

7.09

0.25

1.5.08

1.5.08

Derbyshire BS

16.4.08

7.25

7.09

0.16

1.5.08

18.4.08

First Trust Bank (NI)

14.4.08

7.40

7.15

0.25

28.4.08

14.4.08

Giraffe Money

17.4.08

7.34

7.09

0.25

1.5.08

17.4.08

GMAC-RFC

11.4.08

7.24

6.99

0.25

1.5.08

14.4.08

Godiva

16.4.08

7.34

7.09

0.25

1.5.08

1.5.08

Halifax

10.4.08

7.25

7.00

0.25

1.5.08

10.4.08

Lloyds TSB Scotland

14.4.08

7.25

7.00

0.25

1.5.08

14.4.08

Loughborough BS

17.4.08

7.00

6.85

0.15

1.5.08

17.4.08

Manchester BS

11.4.08

7.34

7.09

0.25

1.5.08

1.5.08

Melton Mowbray BS

10.4.08

7.24

6.99

0.25

1.5.08

1.5.08

Nationwide BS

10.4.08

6.74

6.49

0.25

1.5.08

1.5.08

NatWest Mortgage Services

18.4.08

7.44

7.19

0.25

1.5.08

1.5.08

Northern Bank (NI)

14.4.08

7.40

7.15

0.25

14.4.08

14.4.08

Northern Rock

21.4.08

7.59

7.49

0.10

1.5.08

18.4.08

Norwich & Peterborough BS

17.4.08

7.30

7.05

0.25

TBA

24.4.08

Progressive BS

17.4.08

7.29

7.04

0.25

1.5.08

17.4.08

RBS IP Royal Bank of Scotland

21.4.08

7.44

7.19

0.25

21.4.08

21.4.08

Royal Bank of Scotland

18.4.08

7.44

7.19

0.25

1.5.08

1.5.08

The Mortgage Business

17.4.08

7.69

7.44

0.25

17.4.08

1.5.08

The Mortgage Works

11.4.08

7.24

6.99

0.25

1.5.08

15.4.08

Tipton & Coseley BS

15.4.08

7.34

7.09

0.25

1.5.08

1.5.08

West Bromwich BS

17.4.08

7.34

7.09

0.25

1.5.08

17.4.08

Woolwich

10.4.08

7.39

7.14

0.25

1.5.08

1.5.08

Table 2

Mortgage Lender

Number of SVR linked products

Mortgage Lender

Number of SVR linked products

Chorley & District BS

17

Ipswich BS

2

Cumberland BS

12

Leek United BS

2

Leeds BS

11

Market Harborough BS

2

Nottingham BS

8

Norwich & Peterborough BS

2

RBS IP The One Account

6

Principality BS

2

Teachers BS

6

Scottish BS

2

The One Account

6

Alliance & Leicester

1

Tipton & Coseley BS

5

Barnsley BS

1

Halifax

4

Buckinghamshire BS

1

Kent Reliance BS

4

Catholic BS

1

Mansfield BS

4

Chesham BS

1

Cheshire BS

3

Coutts & Co

1

Clydesdale Bank

3

Dunfermline BS

1

Co-operative Bank

3

Hanley Economic BS

1

Dudley BS

3

HSBC

1

Loughborough BS

3

Manchester BS

1

Newbury BS

3

Marsden BS

1

Pi

3

Newcastle BS

1

Yorkshire Bank

3

Progressive BS

1

Beverley BS

2

Shepshed BS

1

Darlington BS

2

 

 

 

Table 3 

Mortgage Lender

SVR been cut following April change

SVR

Above or below average

Number of SVR linked products

Halifax

Yes

7.00%

Below

4

Abbey

Yes

7.09%

Below

0

Lloyds TSB( C&G)

Yes

7.00%

Below

0

Nationwide  BS

Yes

6.49%

Below

0

Northern Rock

Yes

7.49%

Above

0

The Royal Bank of Scotland

Yes

7.19%

Above

0

Woolwich

Yes

7.14%

Above

0

HSBC Bank

No

6.50%

Below

1

Alliance & Leicester

Yes

7.19%

Above

1

Bradford & Bingley

Yes

7.09%

Below

0

 

Table 4

Bank of Ireland Mortgages

Britannia BS

Giraffe Money

Leeds BS

Scottish Widows Bank

Bank of Scotland Mortgages

Cambridge BS

GMAC-RFC

Manchester BS

Stroud & Swindon BS

Birmingham Midshire Solutions

Chelsea BS

Halifax

Nationwide BS

 

Bristol & West Mortgages

Cumberland Bank

Heritable Bank

Northern Rock

 

 

Derbyshire BS

Intelligent Finance

Nottingham BS

 

 

Table 5

Trackers increased in April 08

Abbey

Rates increased by up to 0.48%

Alliance and Leicester

Rate increased by 0.35%

Astra from Norwich and Peterborough BS

Selected rates increased by 0.50%

Bank of Scotland Mortgages

Rates increased by up to 0.60%

Birmingham Midshires Solutions

Rates increased by up to 0.90%

Britannia BS

Rates increased by up to 0.80%

Chelsea BS

Rates increased by 0.45%

Cheltenham and Gloucester

Rates increased by up to 0.75%

Co-operative Bank

Rate increased by 0.40%

Derbyshire BS

Rates increased by up to 0.85%

Halifax

Rates increased by up to 0.59% then  by up to 0.50%

HSBC

Rates increased by up to 0.25%

Intelligent Finance

Rates increased by 0.45%

Leeds BS

Rate increased by 0.16%

Lloyds TSB Scotland

Rates increased by up to 0.75%

Melton Mowbray BS

Rates increased by up to 0.60%

NatWest Mortgage Services

Rates increased by up to 0.85%

Newcastle BS

Rates increased by 0.15%

Norwich and Peterborough BS

Rates increased by up to 0.50%

Nottingham BS

Rates increased by up to 0.50%

Royal Bank of Scotland

Rates increased by up to 1.20%

Saffron BS

Rates increased by 0.40%

Standard Life Bank

Rates increased by 0.25%

The Mortgage Business

Rates increased by up to 0.95%

Wave

Rates increased by 0.20%

Yorkshire BS

Rates increased by 0.40%

 

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

 

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