SVR mortgages 'still the most popular in the UK'

By Jonathan Dawes, Wed 21 Sep 2011 - Published in Mortgages

Standard-variable-rate (SVR) mortgages are still the preferred option for property owners, according to research by unbiased.co.uk.

The website found that 37 per cent of homeowners like STVs, up from 35 per cent in January 2011.

On top of this, the average rate that people say they are prepared to fix at for a mortgage is 3.4 per cent, which has dropped significantly from the four per cent Brits were willing to pay in 2009.

The survey also found that almost 50 per cent of property owners have not reviewed their mortgage at all in the last two years.

Karen Barrett, chief executive of unbiased.co.uk, said: "The low base rate has also had a dramatic effect on homeowners' rate expectations with our research showing a stark contrast between what consumers would be willing to fix their mortgage to and the average rate available."

The Council of Mortgage Lenders recently noted that gross mortgage lending was ten per cent stronger in August 2011 than 12 months ago.

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