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TSB, Barclays, Santander and Nationwide hike mortgages after base rate rise
06.05.2022 - 23:01 / manchestereveningnews.co.uk
Around two million mortgage borrowers will have to find the money to pay higher monthly repayments after the Bank of England raised interest rates from 0.75 to 1% on Thursday.
Those on variable deals could see interest charges climb by an average £25 a month, UK Finance said. It based the figure on the average balance of £121,034, but borrowers owing more will see charges rise even further, The Mirror reports.
Around two million people in Britain have variable-rate mortgages. There are two types: “trackers” and “standard variables”. Tracker mortgages rise and fall according to the changes made by the Bank of England. Standard variable products follow the rate of the bank which has made the loan – most banks are expected to raise these products in line with the rate rise next month.
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TSB was the first lender to confirm it would be passing on the higher rates in full last night.
Customers on its “standard variable” and “homeowner variable” mortgages would see payments increase by 0.25 percentage points from June.
Currently TSB’s variable rates stand at 2.74% and 4.74% respectively and will rise to 2.99% and 4.99%. The lender said it was reviewing rates on the rest of its deals, including its fixed-rate mortgages, and savings accounts.
A spokesman said: “The interest rates charged on our variable rate mortgages will increase by 0.25%, in line with previous base rate increases and reductions which we have passed on in full.” It added the vast majority of customers are on fixed deals though.
HSBC increased the rate on tracker deals this morning by 0.25 percentage points with immediate effect. It said it would “review” its standard
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