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SVR borrowers 'thinking about remortgaging'
Borrowers with standard variable rate (SVR) homeowner loans are thinking about remortgaging, according to new research.
The analysis from Moneysupermarket.com found that 85 per cent of SVRs are now more expensive than the cheapest two-year fixed deals, including fees.
It was also revealed that only seven SVR deals offer better value than the best tracker mortgage available, so many borrowers are thinking about switching.
Hannah-Mercedes Skenfield, mortgages channel manager at Moneysupermarket.com, said the last month has "seen the market shift".
"SVRs have increased, rates for new borrowers have been falling and we've seen an increase in the availability of mortgages even at higher loan to values," she explained.
"The remortgage market is open for business once again."
Halifax's latest House Price Index revealed that the value of property in the UK rose for the seventh consecutive month during January, to reach an average price of £169,777.
Prices have now risen 9.9 per cent from the low in April last year.