More favour SVR reports London N5 Mortgage Broker, London Mortgage Advice. Tuesday, 23rd March 2010

31% of homeowners are on a standard variable rate mortgage compared to only 23% in January 2009 tracking data from professional advice website unbiased.co.uk, shows.

29% of homeowners state they are on their lender’s SVR mortgage and have no plans to change this. This has increased from just a quarter who said this in May 2009.When describing their current mortgage situation.

Research also shows there are only 10% of homeowners moving to another mortgage deal once their discounted, fixed or tracker rate deal comes to an end, compared to a slightly higher 12% in January 2009.

"With the base rate now remaining at a record low of 0.5% for a full year, an increasing number of homeowners believe that staying on their lender’s SVR is the best option for them. However, with the number of mortgage deals slowly increasing homeowners need to make sure they aren’t missing out on getting the best deals before the base rate starts to rise again, especially when in recent weeks some providers have been changing the SVR on their mortgages meaning not all of them are now as competitive as they once were. There is also a stark difference between homeowner’s ideal fixed rate deal and what they could actually get in the current environment, Karen Barrett, chief executive of Unbiased.co.uk, said."It can be very confusing for homeowners to keep track of which is the best mortgage for them and when is the best time for them to move onto a new deal. In the past, staying on your lender’s SVR was financially crippling, and while this has certainly changed, homeowners need to stay alert and active to ensure they don’t miss the best deals and see their monthly payments rocket. Homeowners should seek mortgage advice from a whole of market mortgage adviser or an independent mortgage broker to ensure they get the best deal at the right time. Only a whole of market mortgage adviser and independent mortgage broker can source products from the whole of the market place."