Andrew Hagger, head of news and press at Moneyfacts.co.uk, said:
"As predicted the number of changes to mortgage SVRs has been fairly slow, with only 20 increases announced by 9.00am on 10 August. So far, all bar one of the increases we have seen have been in line with the base rate increase. The One Account whilst increasing their variable rate mortgages by the standard quarter point, have increased rates (by reducing the discount) on their discounted variable rates by 0.35 per cent, for example a two-year deal with a maximum loan-to-value (LTV) of 85 per cent has increased from 4.89 per cent to 5.24 per cent with the revert to rate increasing from 5.45 per cent to 5.89 per cent.
"Norwich and Peterborough customers will now have seen rates rise by 0.44 per cent since mid June, with a 0.25 per cent SVR increase being announced in addition to the 0.19 per cent SVR increase announced on 16 June. Although in reality they have just aligned their rates with the rest of the market, I'm sure their customers won't see it that way, especially with the impact it will have on their pockets.
"With over 100 mortgage providers still to announce the rate changes for their products, Moneyfacts will be keeping a close eye on what happens in the marketplace during the next couple of weeks.
"We are surprised that reaction has been so slow, even 50 per cent of tracker mortgage changes are yet to be announced - this could be a sign that many banks and building societies were also caught on the hop by last weeks announcement."
