Released on: November 19, 2007, 6:58 am

Press Release Author: Charlotte Burrows

Industry: Real Estate

Press Release Summary: Standard Life has increased its standard variable rate (SVR)
potentially causing financial difficulties for many borrowers.

Press Release Body: The lender has announced a 0.15 per cent increase and the rise
is being seen as a bad sign for the mortgage market.


It is also likely to do yet more damage to consumer confidence and may cause some
potential buyers to think twice before entering the market, spelling bad news if you
are looking for someone to buy your property.

\"It is very rare to see a lender increase its standard variable rate outside a base
rate change. It could very well be the first sign that the mainstream \'prime\'
mortgage is feeling the pinch of the credit crisis,\" said Julia Harris, mortgage
expert at Moneyfacts.


\"Even with this latest increase, Standard Life Bank\'s SVR remains in line with the
market average. While none of Standard Life\'s rates are directly linked to the SVR,
the increase will still affect many existing borrowers who have reverted to a SVR
once their deal has elapsed.


\"For those already paying the SVR, this shock move should be the straw that finally
breaks the camel\'s back,\" she added.


Fast property sale expert Julian King adds, \"At a time when we should be fairly
confident that the bank will hold the base rate, homeowners are hit by more lenders
increasing their fees.

\"All homeowners, not just the subprime borrower, will at some point be affected by
the recently credit crisis.

\"As it become increasingly expensive to own a property, as values drop across the
UK, we anticipate that many more homeowners will be seeking a quick house sale, as
the open market route fails to afford the homeowner a quick sale\".


Mr King is a director of National Homebuyers, the UK\'s leading fast property
purchase firm. The Sussex-based firm also arrange a Sell and Rent back Solution
where the homeowner can sell their property, but remain living there as a tenant for
as long as desired.


The global credit crunch appears to be having a wide ranging affect on the mortgage
market and it is unclear where it will end.

Web Site: http://www.nationalhomebuyers.co.uk

Contact Details:
Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
0870 979 8118
Fax: 01444 257333
info@nationalhomebuyers.co.uk