Standard variable rate-mortgages "at an all-time low"

Date:Thursday 24th September 2009
Author: Max Freedman

Standard variable-rate mortgages are "at an all-time low" across the market, it has been asserted.

Steve Reid, retail director for Yorkshire and Clydesdale Banks, made his comment as the financial services providers announced that they will launch a range of new mortgage products on Friday.

Available to both new and existing customers with both banks, the mortgages offer an interest rate of 2.99 per cent when consumers are able to provide a deposit of 40 per cent.

"Standard variable rates are at an all-time low - and as a result we have introduced a range of discounted variable-rates as low as 2.99 per cent to appeal to homeowners looking to move home, re-mortgage or release equity," Mr Reid said.

He concluded by asserting that Clydesdale and Yorkshire Banks are committed to providing competitive products to consumers.

Earlier this month, Yorkshire Bank published figures showing that people in the north-west of England are the most optimistic about their futures, despite the current economic climate.