Our 2 & 3 year products now come with a capped SVR
From 9am on Monday 25 September all our residential 2 & 3 year fixed rate products will initially revert to our SVR, which is capped at 6.75%, once the fixed rate period ends.
So, from Monday, clients taking a new 2 year product will revert to our SVR capped at 6.75% (the current SVR is 5.34%) for a further 3 years once the initial product rate has finished.
Clients selecting a new 3 year deal will revert to our SVR, capped at 6.75%, for a further 2 years once the initial product rate ends.
Clients are free to redeem their mortgage during the capped SVR period without incurring an ERC, or they can choose one of our transfer products.
As part of this change, we’re updating the product codes on all our residential 2 & 3 year fixed rate deals. Only the product codes will change. There are no changes to the fixed rates.
This change does not affect our residential 5 year fixed rate products.