Swift absorbs base rate rise

The Swift Group has revealed that for the second time in succession, it will not follow the bank base rate rise with an immediate increase in rates.

This decision applies to new business for both its first and second mortgages. Including the latest increase and the rise of 0.25% in August, meaning it will have absorbed the full 0.50% increase themselves.

John Webster, chief executive of Swift Group, says: “In some cases there were occurrences whereby lenders used the base rate rise as an opportunity to make increases that were greater than the rise made by the Bank.

“We made the decision to hold our rates for the benefit of introducers and their customers and I’m pleased to announce that once again this is the case. Until February next year, intermediaries recommending products from Swift will have the reassurance of consistent rates and reliable pricing to provide to customers. We believe that this decision will help intermediaries with their sales process.”

Chris Meadows of City Loans UK in Bolton, says: “This is an unanticipated but terrific announcement from Swift considering that they have already absorbed one base rate rise this year. We’re used to extolling the virtues of the service provided by Swift but this shows just how rounded and complete their proposition is for intermediaries.”