Lenders are increasingly refusing SVR deals for all but existing customers because they are in many cases lower than their two-year deals, forcing borrowers to look at more expensive rates.

Skipton made headlines earlier this year when it added an £800 fee to its SVR, which at 6.45%, compared with the average of 7.08%.

Nationwide, which also has a cheap SVR at 6.49%, no longer offers it through brokers, while direct customers need a 25% deposit or equity in their home to be eligible. Woolwich recently added a 1% application fee to its SVR loans.

Simon Tyler of Chase de Vere, the broker, said: “It is worrying when lenders pull their SVRs at the same time as withdrawing penalty-free deals, as Cheltenham & Gloucester did this month.”