MPowered Mortgages takes 75bps off its SVR

Published on

MPowered Mortgages has reduced its SVR by 75 basis points (bps) from 7.49% to 6.74%.

Its SVR tracks Bank of England Base Rate, so as well as the 25bps cut to the Bank of England Base Rate being passed on following last week’s Bank Rate decision by the central bank’s Monetary Policy Committee, MPowered has also lowered the tracker margin by a further 50bps.

The result is that MPowered’s SVR now tracks BBR at +1.99%.

Stuart Cheetham, CEO of MPowered Mortgages, said: “Although SVRs can often move up or down in line with changes to the Bank of England base rate, not all lenders pass on the full amount of any decrease (or increase for that matter) in the base rate to their SVR.

“We, however, are pleased to not only pass on the full Bank Base Rate reduction but also an additional 0.50% [sic] cut to fully support borrowers in the market.

“any future rates will be passed on”

“Additionally, our SVR, by tracking Bank Base Rate, is fully transparent to consumers and will mean any future rates will be passed on.

“As always, mortgage borrowers nearing the end of their mortgage deal should always seek independent financial advice so that they can make informed choices about what to do next.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Together raises £563m through latest residential mortgage securitisation

Together has completed the pricing of a £562.9 million residential mortgage-backed securitisation, marking its...

Molo strengthens leadership team with chief operations officer appointment

Molo has appointed Lynne French as chief operations officer as the specialist mortgage lender...

Gen H highlights interest-only option for first-time buyers with variable incomes

A London couple working in hospitality used a part repayment, part interest-only mortgage to...

Asking prices move further ahead of market values, TwentyCi warns lenders

The gap between sellers' asking prices and independent property valuations has doubled over the...

Home movers back digital property packs as support grows for homebuying reform

Most recent home movers support the use of digital property packs and believe the...

Latest publication

Other news

Together raises £563m through latest residential mortgage securitisation

Together has completed the pricing of a £562.9 million residential mortgage-backed securitisation, marking its...

Conveybuddy reports stronger purchase market as remortgage activity returns to typical levels

Conveybuddy says its latest quarterly figures point to a resilient purchase market, while remortgage...

Molo strengthens leadership team with chief operations officer appointment

Molo has appointed Lynne French as chief operations officer as the specialist mortgage lender...