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

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.

10-year fixed mortgage market flourishes

Given upcoming negotiations on the UK’s relationship with the EU, we are expected to have some uncertain times ahead. As a result, many borrowers will be seeking long-term mortgage repayment security, and happily, the 10-year market is flourishing.
 
Close