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There are millions of homeowners sitting on a variable rate mortgage and many of them should consider switching lenders to reduce the risk being hit by impending interest rate rises. 

Many of the banks and building societies are offering their best ever mortgage rates and there are some great remortgage deals available, which makes it a good time to assess the market. 

According to the Council of Mortgage Lenders up to 67% of borrowers are on some form of variable rate mortgage.   

Standard variable rate list:

Mortgage lenders

Current standard variable rate

Abbey/Santander

4.74%

Alliance & Leicester (now Santander)

4.99%

Chelsea Building Society

5.65%

Cheltenham & Gloucester

3.99% & existing customer 2.5%

Halifax

3.99% & existing customer 3.5%

HSBC

3.94%

Nationwide Building Society

3.99% & existing customer 2.5%

Northern Rock/Virgin Money

4.79%

Royal Bank of Scotland

4%

Scottish Widows Bank

3.99%

Woolwich from Barclays

4.99%

Yorkshire Building Society

4.99%

Aaron Strutt, product manager at Trinity Financial, says: “Many of the banks and building societies have not changed their standard variable rates for years and borrowers have been happy to stick with their low tracker mortgages.

“Once the Bank of England starts to increase the base rate more borrowers will be keen to remortgage to one of the many fixed deals, although they are likely to be more expensive.”

If you would like to switch from a standard variable rate and lower your monthly mortgage repayments, call Trinity Financial on 020 7016 0790.

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