Skipton decision is a harsh blow for customers, says Which?

21 January 2010

Following Skipton Building Society's announcement that it's to increase its mortgage Standard Variable Rate (SVR), Which? chief executive, Peter Vicary-Smith says:

“We can't see any justification for this unexpected hike in Skipton's SVR, and are extremely disappointed by this decision. Sadly, a number of their customers will have no option but to stay on this SVR, facing a significant rise in their mortgage repayments.

“This move should serve as a warning to anyone with a mortgage that is linked to a bank or building society's SVR. We urge the OFT and the FSA to ensure that consumers are properly protected and in the meantime, strongly recommend that people check with their lender to see when and how their mortgage rate can be varied.”

Notes to Editor

Which? is the leading independent consumer champion in the UK. We provide impartial, expert information on products and services in our magazines, books and online to help consumers make more informed choices, and we campaign on issues that matter to all consumers, from food to finances, health to estate agents. For more information on how we can help you, visit http://www.which.co.uk/campaigns