Abbey’s variable tracker rate mortgage has increased by 0.25 per cent. Changes come into effect at the beginning of December for existing borrowers and on 13 November for new business. Increases to other products are under review.
Northern Rock has also announced it will also increase its standard variable rate (SVR) to 7.09 per cent. The lender’s loyalty rate for borrowers whose loans qualify for a loyalty discount after seven years will be 6.84 per cent. Changes will again take place on 1 December.
Halifax has increased both its SVR and tracker rates by 0.25 per cent. Its SVR borrowers will now pay 7 per cent from 1 December.
IF’s SVR will move from 6.05 per cent to 6.30 per cent. Tracker offset mortgages will start at 4.99 per cent and the bank’s non-offset tracker mortgages will start at 5.24 per cent.
Nationwide Building Society announced that its base mortgage rates will also increase on the 1 December, from the current level of 6.24 per cent to 6.49 per cent.
Simon Webster, managing director at Facts & Figures Financial Planners Ltd, said most lenders had already factored in the recent BBR increase. “For the majority of borrowers this will have little or no impact. Further increases to BBR have been anticipated by the market for some time and it looks like yet another increase is on the cards.”
