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Skipton Building Society recently used the small print in mortgage
contracts to raise its Standard Variable Rate (SVR) from 3.5% to 4.95%,
breaking a guarantee to its customers.
But Skipton and other smaller building societies must have their reasons for risking losing customers, right? We look at the reasons behind the SVR
increases, and what you can do about it if your mortgage rate has
become unmanageable.
Sue Hayward, Personal Finance Expert
"In a world of sun, sand and sea most of us are happy to have a haggle
with the locals to bag a bargain, so why once we're home in the high
street do we shyly stump up the ticket price without trying to
negotiate a better deal? Here's how to talk to way to a discount
every time..."
James Daley, Which? Money
"Despite having caused the financial crisis and having been bailed out
by obscene amounts of taxpayers' money, little seems to have changed.
Bankers are still getting huge bonuses and customers still don't seem
to be getting a good deal. But
what can we do about it? Well, the first thing you can do is vote with
your feet."
Chris Tapp, Credit Action
"People react in all kinds of different ways to having a debt problem.
Some people panic, some people carry on as if everything is fine, some
people get angry and some people get very stressed. That almost
everybody does however, is get very quiet."