Mortgage costs on the rise even with Bank rate anchored down
HOME-OWNERS will this morning be hit by a wave of hiked interest rates from some of the country’s leading lenders, despite the Bank of England’s loose monetary policy.
Standard variable rates (SVRs) will shoot up for over a million mortgage holders, tightening the squeeze on incomes even further.
Yorkshire Bank and Clydesdale Bank will increase their SVRs from 4.59 per cent to 4.95 cent, while the Co-operative Bank and Britannia will lift theirs from 4.24 per cent to 4.74 per cent.
The Halifax’s SVR will rise from 3.50 per cent to 3.99 per cent.
And it is not just SVR mortgages that are climbing. The average two-year tracker rate has edged up to 3.62 per cent so far this year, according to the Moneyfacts website, from 3.39 per cent in the final month of 2011.
The average fixed two year rate has also jumped, measuring 4.6 per cent in April, up from 4.24 per cent in December.