Cheshire Mortgage Corporation found to have highest SVR in the market

Thursday 4th February 2010

Research has revealed that the highest standard variable rate in the market currently belongs to adverse credit lender, Cheshire Mortgage Corporation, which is part of the Blemain Group. 

According to research by Largemortgageloans.com, at 12.5% Cheshire Mortgage Corporation has a SVR which is well over twice the industry average of 4.79%.
 
It is also 10.5% higher than the lowest SVR, which is offered by Direct Line at 2%. Largemortgageloans.com said there were “alarming discrepancies” between lenders’ standard variable rates.
 
Cheshire Mortgage Corporation is one of the smaller lenders listed in the comparison table. It offers bridging finance, adverse residential mortgages and shared ownership deals and is known in the industry for being able to charge high rates, as competition in the adverse credit sector remains low.
 
However, the managing director of Largemortgageloans.com, Paul Welch, has said that brokers will reap the rewards as lenders raise their SVRs. He explained: “If lenders are changing their SVRS at least it gives brokers a reasonable excuse to get in touch with their clients and see if they can get them a better deal.”

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