Many of the banks and building societies have lowered the price of their standard variable rates following successive Bank of England base rate reductions, but they are still considerably more expensive than the best-buy rates.
Some of the smaller building societies have particularly expensive standard variable rates meaning their existing customers are paying much more than the going rate. Many borrowers will have received letters explaining that their payments have gone down with effect from 1 May 2020 but they should still consider remortgaging to get a better deal.
Aaron Strutt, product director at Trinity Financial, says: "If you are paying your lender's standard variable rate and you have not checked to see if you can remortgage or switch to another product, it may well be worth doing. It can be incredibly easy to complete a product transfer by calling your lender or switching online. Our brokers will also take the stress out of remortgaging to another provider especially if you want to raise additional funds or secure a best buy rate.
"The larger mortgage lenders have been offering incredibly cheap rates for some time often priced below 1.5% and they typically cover the costs of refinancing to tempt borrowers into action."
Data from the FCA's latest mortgage statistics shows the outstanding value of all residential mortgages loans was £1,509 billion at the end of 2020 Q1, 3.9% higher than a year earlier.
Call Trinity Financial on 020 7016 0790 to remortgage or send an enquiry
|Mortgage provider||Current SVR or reversion rate (%)|
|BANK OF IRELAND MORTGAGES||4.09|
|BATH BUILDING SOCIETY||4.90|
|BEVERLEY BUILDING SOCIETY||4.99|
|CHORLEY & DISTRICT BS||5.24|
|COVENTRY BUILDING SOCIETY||4.49|
|EARL SHILTON BS||4.89|
|ECOLOGY BUILDING SOCIETY||4.15|
|FAMILY BUILDING SOCIETY||4.49|
|FURNESS BUILDING SOCIETY||5.14|
|HANLEY ECONOMIC BS||4.79|
|HINCKLEY & RUGBY BS||5.89|
|IPSWICH BUILDING SOCIETY||5.24|
|KENT RELIANCE BS||4.50 for residential mortgages|
|LEEDS BUILDING SOCIETY||5.29|
|LEEK UNITED BS||5.19|
|MARKET HARBOROUGH BS||5.49|
|PENRITH BUILDING SOCIETY||4.75|
|ROYAL BANK OF SCOTLAND||3.59|
|SAFFRON BUILDING SOCIETY||5.39|
|SCOTTISH BUILDING SOCIETY||4.94|
|SCOTTISH WIDOWS BANK||3.59|
|SKIPTON BUILDING SOCIETY||4.99|
|TEACHERS BUILDING SOCIETY||5.24|
|THE MORTGAGE WORKS||Up to 5.24|
|TIPTON & COSELEY BS||5.24|
|WEST BROMWICH BS||3.99|
|YORKSHIRE BUILDING SOCIETY||4.49|
Source: Knowledge Bank and lender websites