Lisa Taylor, analyst at moneyfacts.co.uk, commented: “Two weeks on from the decision to raise bank base rate by a quarter point, and we are still waiting for 57% of savings providers and mortgage lenders to announce any changes to their rates.
“In total, 57 providers have increased their standard variable rate, with only two opting for an increase greater than the quarter percent rise, and four choosing a smaller increase of 0.20% or 0.24%. Of those providers who have increased their rates, 44 lenders are already applying their higher rates to new borrowers.
“This week the only lender to announce a rise greater than the quarter point was Abbey, increasing its SVR by 0.34% to 7.09%. But while this may appear to be unfair on the consumer, none of Abbey’s products are currently linked to SVR. So only a very small minority of their customers will be affected, those that have remained on a SVR after their deal had expired. Let’s hope this extra increase will be enough incentive to encourage these consumers to review their mortgage payments and to shop around for a better deal.
“Much like the last rise we are still waiting for some of the bigger players, Woolwich, HSBC and NatWest to make an announcement. With a third of lenders yet to announce being building societies, who will undoubtedly have to wait for board approval to agree any increase, it will certainly be a good few weeks before we have the full picture."
