Yesterday we talked about what can be done to help prevent the predicted rise in repossessions and it has emerged this week that borrowers already in negative equity may be able to get preferential mortgage interest rates from those banks where the Government has intervened.

As an example, the Halifax, which is 40 per cent owned by the taxpayer now, and the Natwest, 70 per cent owned by the taxpayer, are able to offer mortgages around 1.5 per cent lower than their range available to those with equity.

It may seem unfair that those who put themselves at risk of negative equity are now able to get a range of mortgages cheaper than those available to others but in this unusual economic climate where the taxpayer has had to intervene the normal rules do not seem to apply.

It is important to ask your mortgage lender or speak to a CeMAP trained mortgage advisor to find out what the best deal is available to you. We all need to watch the pennies at the moment so do not assume that the standard variable ate (SVR) is the only option open to you.

It may seem easy to stay on the SVR for now, but with rates this low, the only way is up so it might be an idea to check out what you can get before they increase again. Only this week, we have talked about how fixed rate mortgage costs are increasing, so be sure you have the right mortgage for you.

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