Eurozone crisis forces Lloyds to raise SVR’s

I note with interest that Lloyds Banking Group has become the first big bank to raise standard variable rates prompting suggestions that the era of borrowing at rock bottom rates is drawing to a close as the Eurozone crisis deepens.  The rise would appear to be in response to the Eurozone crisis and in particular the requirements of the Eurozone for banks to hold extra capital.  I understand other banks are considering the position and I think that other lenders are likely to raise SVRs in the near future.  It will be interesting to see if this encourages people to remortgage at fixed rates.  I will keep you advised.

Lindsay Darroch
Partner and Head of Property

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