Norwich and Peterborough building society is the latest lender to announce an increase in its standard variable rate (SVR), meaning thousands of borrowers face a sharp rise in mortgage repayments.
As reported by the Guardian, an increase in Norwich and Peterborough’s SVR from 4.89 per cent to 5.35 per cent, will add £30 a month to a £100,000 repayment mortgage. Other lenders to have recently pushed up their SVRs include; Holmesdale, Skipton, and Nationwide building societies.
This could mean that a remortgage could provide homeowners with a better and cheaper option as they may be able to find a better deal by remortgaging their house.
One of the UK’s leading debt management companies; Debt Release Direct, believes the news could spark a busy time for debt management companies such as themselves.
Chris Bannister from Debt Release Direct, said; “The home is the biggest investment most of us will ever make, and the biggest debt. Debt Release Direct can help with most debt problems”.
For more information please visit www.debtreleasedirect.co.uk
