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

Mortgage rates climb back above 5% as lenders pull hundreds of deals

Average mortgage rates have moved back above 5% after lenders withdrew hundreds of products...

Industry discussion urges mortgage sector to keep focus on mental health

Mortgage professionals are being urged to maintain momentum on mental health awareness following an...

AML compliance gaps remain despite supervisory progress, says OPBAS report

Supervision of anti-money laundering standards in the legal and accountancy sectors has improved since...

Cambridge BS reopens Rent to Home scheme with three properties available

The Cambridge Building Society has reopened applications for its Rent to Home initiative, offering...

West Brom secures B Corp certification in milestone for social and environmental standards

West Brom Building Society has been recognised as a Certified B Corporation (B Corp),...

Latest publication

Other news

Getting to know you: Tony Hall, head of business development, Saffron for Intermediaries

Name: Tony Hall Age: 55 Location: Cheltenham Firm: Saffron for Intermediaries Education: Comprehensive school education, left school at...

Mortgage rates climb back above 5% as lenders pull hundreds of deals

Average mortgage rates have moved back above 5% after lenders withdrew hundreds of products...

Industry discussion urges mortgage sector to keep focus on mental health

Mortgage professionals are being urged to maintain momentum on mental health awareness following an...