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Million face mortgage rise

More than a million home owners will see the cost of their mortgage payments increase today. It follows a series of recent rate rise announcements from lenders.

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Mortgage rise: Bank by bank

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.

Around 10,000 RBS customers will be affected Credit: Reuters

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%.

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