View more on these topics

Nationwide increases SVR

Nationwide has confirmed it is increasing its base mortgage rate from December 1 by 0.25%.

The BBR will increase from 6.24% to 6.49%, although the lender says it is still around 0.50% lower than the SVR of most other major high street lenders assuming that they also increase their SVRs in line with the base rate.

This follows yesterday’s decision by the Bank of England’s Monetary Policy Committee to increase the base rate by 25 basis points to 5%.

Both savings and mortgage rates will be increased on December 1 although details of savings rates will be announced in due course.

Assuming other major lenders increase their SVRs in line with the increase in the base rate, Nationwide says the savings a customer would make with it on a £100,000 mortgage will be £9,644 over a 25-year term.

Tracker mortgages will move in line with the base rate and this change will be effective from December 1.

Halifax is also increasing its SVR from 6.75% to 7.00%.


Brits opt for French mortgages, says Assetz

People buying holiday homes in France are increasingly taking out French mortgages rather than buying with cash, says Assetz Finance.Traditionally, the majority of British purchasers of French holiday homes to use personally have purchased their property outright, without any loans, using savings, inheritance or equity release on their UK property to finance the purchase. Investors […]

GEMHL’s buy-to-let foray seen as a positive move

GE Money Home Lending’s entry into the buy-to-let market with a 90% LTV has been praised as a bullish move by brokers.Available via GEMHL’s First National brand from November 15, the product has a three-year fixed rate of 5.39% with no overhang.It is aimed at prime and near prime customers and will offer various LTV […]

Validus to launch French mortgages arm

Validus Invest has launched a financial services arm handling French mortgages, effective from November 13.Validus Financial Services will work closely with its sister company VEF French property, advising its clients and other overseas property buyers on financing their purchase using a French lender.The move was sparked by frequent requests from VEF clients for the provision […]

This brainwave could lead to self-harm

Rumour has it that there’s been a big falling out within the Abbey’s marketing team. It seems that one faction wanted to call its new mortgage offering the ‘Victor Meldrew’ range while another felt the ‘Andy Millman’ mortgage’ more appropriate.


News and expert analysis straight to your inbox

Sign up