Unless you want to pay £999 and above in an arrangement fee you are not going to get a better rate than this for a remortgage no matter what your loan to value is so if your SVR is a rate of 2.5% (BBR +2.00%) then you are onto a winner. I would look to stay on this rate till an rate change is imminent at least. if you can afford to overpay on your mortgage right now (as if it was a 4% rate) then you will help yourself further down the road.

so basically i'll always be paying pvr @2% above boe br. as we bought the mortgage at 6.09 its not worth fixing until the boe br hits hard as we have been use to paying 671 4 weekly 13 times a year think i will continue. just hope it is the pvr abd note svr as it doesnt actually state eithere. all it says it will be 2.0% above the boe br.

Hi Tommie - the 2% above BOE rate you will revert to is ME's Product Variable Rate (PVR) and that rate is fixed for the lifetime of the product and unlike a SVR which can change at any point. Hence you'll have 2.5% as it stands now and this will track BOE rate going forward. They will write to you and inform you a month prior to the rate change and as you pay via standing order the reduced charge will take affect automatically. If you can afford to, it may be wise to overpay..

thank you, we currently pay by standing order, so would M,e automatically write to us each month requesting what they want as i dont have any direct debits as i get paid 4 weekly so i pay companies monies they dont take it.

A lender can adjust their SVR any time they want to.

However, if your contract states (as you have written) that the rate you will pass onto will be at 2.00% above bank of england base rate then this is a written statement which specifies the rate you will transfer onto (2% above BoE BR).

If the SVR is written as a "A variable rate which is currenly xyz%" then it allows the lender room to adjust this rate to what ever they want, when ever they want. They have not tied themselves to a specific rate, only that the rate is variable.

read through your formal mortgage offer and see how it is termed as this could give you insight as tyo what may happen. Just because a company becomes nationalised does not mean the costs will automatically go up.

we took our mortgage out in 2007 and took out a 100% mortgage. we are now coming to our 5 year fixed rate end. we took our mortgage out through mortgage express. in 3 different sections on our contract in says we will revert to the 2.00% above base rate, we currently pay 6.09@671 a month, according to my figures this will drop to 392 a month as the current base rate is 0.5, question will M.E raise the svr rate with them being nationalised and can they??