- 4 updates
Halifax is raising its standard variable rate (SVR) from 3.5% to 3.99%, affecting 850,000 home owners.
Around 54,000 Co-operative Bank customers will see SVR rates go up by 0.5% to 4.74%, meaning payments will typically increase by £15 a month, or £180 a year.
Clydesdale and Yorkshire Banks SVR rate will rise from 4.59% to 4.95%, affecting 30,000 customers, whose payments will typically go up by less than £30 a month.
RBS-Natwest is also pushing up the rate on its One Account, a non-SVR product, by 0.25%, affecting around 100,000 customers. For the majority of these customers, the new rate will be 4%.
More than a million home owners will see the cost of their mortgage payments rise from today.The majority of those affected are Halifax customers, who could typically find themselves paying nearly £200 extra a year, following a series of recent rate rise announcements from lenders.
The Co-operative Bank, Clydesdale Bank and Yorkshire Bank are also among those raising rates, blaming the weak economy and the increased cost of funding a mortgage.
Fears have been raised that people could struggle to switch to a better deal as lenders have already started tightening their borrowing criteria, triggering a fall in the proportion of mortgages being approved.
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