With over 40% of borrowers now on SVRs, Nationwide has said that by switching from an SVR of 4.0% to a Nationwide tracker at 2.09% above Bank base rate, borrowers could save up to £1,743 over a two-year term assuming rates stay the same. Those on higher SVRs could obviously save even more.
Paul Howard, Nationwide’s head of corporate accounts, said: “With uncertainty around when the Bank of England base rate will rise, brokers may have clients on SVRs who are unsure of their next move.
“It is important for borrowers to think about their options and look around to see if there are savings to be made.”
