The Cambridge Building Society has increased its Standard Variable Rate (SVR) on both residential and buy-to-let mortgages.
From September 12 2012 the Society’s (SVR) will Increase by 0.4 percentage points 4.99 per cent for residential mortgages and from to 5.39 per cent on Buy-to-let mortgages.
Cambridge chief executive Stephen Mitcham said: “Cambridge is committed to supporting both borrowers and savers and is aware of the financial pressures that its members face.
“The Society continues to experience increasing costs, particularly in attracting and retaining retail savings, and has reached a point where it has had to pass on some of this cost to its borrowers. I would like to reassure you that we have delayed any increase for as long as we possibly could.”
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