This rate change will affect anyone with a standard variable rate (SVR) mortgage or a tracker rate.
So far 19 of the increases we have seen have been in line with the base rate increase.
According to Moneyfacts.co.uk, the One Account has increased variable rate mortgages by the standard quarter point, but has 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 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
Andrew Hagger, head of news and press at Moneyfacts, says: “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.
“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”.
