Enable Finance Reveals That One Of Its Mortgage Lenders

Enable Finance can confirm that The Swift Group has revealed that for the second time in succession, it will not follow the bank base rate rise with an immediate increase in rates.

This decision applies to new business for both its first and second mortgages. Including the latest increase and the rise of 0.25% in August, meaning it will have absorbed the full 0.50% increase themselves.

John Webster, chief executive of Swift Group, says: In some cases there were occurrences whereby lenders used the base rate rise as an opportunity to make increases that were greater than the rise made by the Bank.

We made the decision to hold our rates for the benefit of introducers and their customers and Im pleased to announce that once again this is the case. Until February next year, intermediaries recommending products from Swift will have the reassurance of consistent rates and reliable pricing to provide to customers. We believe that this decision will help intermediaries with their sales process.

Swift who are one of Enable Finance specialist lenders able to offer borrowers remortgages who face home repossession from their existing mortgage lender due to high levels of mortgage arrears.