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Abbey increases SVR by 0.21%

Abbey is to increase its SVR by 0.21% to 5.75% following last week&#39s Bank of England base rate rise.

Variable tracker rate mortgages, which automatically follow changes in the base rate, will also increase by 0.25%.

Angus Porter, customer director at Abbey, says: “This is the first increase in the base rate since February 2000 and homeowners are still enjoying historically low rates.

“Abbey is balancing the needs of borrowers and savers, and it has now narrowed the gap between base rate and our standard variable rate to just 2%.”


Sean Hornsby promoted to MD of M2000 has promoted Sean Hornsby to the position of managing director of the Mortgage 2000 Financial Group. The Group, which encompasses moneysupermarket&#39s intermediary side of business, comprises of the Mortgage 2000 software Encore, Mortgage 2000 packaging operation M2 D&P, the m2-mortgage club, and the newly launched m2i support services network for directly authorised firms. Having […]

Offset deals to double by 2008

Current account mortgages and offset deals look set to boom with independent reports suggesting the market will double by the year 2008. Research by independent market analyst Datamonitor suggests the CAM and offset markets currently account for £22bn of gross advances in the UK mortgage market. It adds that the products will become even more […]

CETA to hold free prize draw at Mortgage Expo

CETA and its sister company Spanish Property And Investment Network are celebrating their attendance at Mortgage Expo with a bonanza free prize draw give-away. Prizes include a week&#39s holiday for two in Spain, including flights and accommodation, a top brand digital camera, premier rugby tickets and replica England rugby shirt, a colour TV, Christmas hampers, […]

Supermarkets to become force in financial services

Supermarket banking is set to become a “real force in financial services”, a report from Sainsbury&#39s Bank has revealed. Compiled by IBM Business Consulting Service, the report shows that with supermarket banks already having around 5.8 million customers, this figure could rise to 14.43 million by 2008. This would be an increase of 149% over […]


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