Nigel Stockton, the outgoing sales director of mortgages at Lloyds Banking Group says the bank expects between 35-40% of all its mortgage customers to be on the bank’s SVR (Standard Variable Rate) by the end of 2011.
Speaking at the Mortgage Intelligence annual conference yesterday, he says that with remortgages having fallen off a cliff, the SVR is the go-to rate at the moment.
He says: “Between 35-40% of our book will be on SVR by the end of next year, and our book represents around one in three of every houses in the UK.”
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