Nearly 8,000 to benefit from Dunfermline SVR cut - Mortgages - News - Moneyfacts


Nearly 8,000 to benefit from Dunfermline SVR cut

Nearly 8,000 to benefit from Dunfermline SVR cut

Category: Mortgages

Updated: 10/10/2013
First Published: 10/10/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Nationwide has announced plans to reduce the standard variable rate (SVR) for thousands of Dunfermline Building Society mortgage customers.

Approximately 7,800 Dunfermline customers are set to benefit from the reduction, which will see the current 5.19% SVR aligned to Nationwide's standard mortgage rate (SMR) of 3.99%.

Eligible borrowers will receive a letter outlining the changes sometime in October, which will confirm the new mortgage rate, specify their reduced monthly payments and provide a breakdown of how the new rates will be applied to their existing loan.

For a lot of customers the changes could be significant. For example, those with a mortgage of £100,000 on the current rate of 5.19% SVR will pay £595.71 per month, whereas after the rate reduction their monthly payments will drop to £527.28.

Commenting, Tracie Pearce, head of mortgages at Nationwide, said that the new rate will make a big difference to Dunfermline customers who will see a significant drop in their monthly payments.

" As we move towards bringing all Dunfermline, Cheshire and Derbyshire Building Society customers together within the Nationwide Building Society, we are in a position to pass on the benefit of a lower SVR to Dunfermline's borrowers," she said.

What Next?

Consider your options by comparing the latest mortgage rates

Speak to an impartial mortgage adviser through our partner which?

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.

Fee-free mortgages on the rise

Mortgage rates may be at record lows, but for some people, the extra costs associated can make switching deals a financial impossibility. It’ll come as welcome news, then, that the number of fee-free deals has more than doubled over the past year!