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Mortgage lenders 'to increase SVRs'
Home loan lenders are opting to increase their standard variable rates (SVRs) despite the base interest rate remaining at the all-time low of 0.5 per cent, it has been claimed.
Data from Moneyfacts.co.uk highlights that eight lenders have upped their SVRs since April last year and Ben Wilkie, editor at What Mortgage, suggests more will follow their example.
"It always starts off [when] a couple of them stick their heads above the parapet and once that has happened - and presumably they have got all the criticism for it - then all the other lenders will do it as well," he said.
Mr Wilkie added that these mortgage lenders are not looking to "stiff" customers, but rather are simply passing on higher rates from the money markets.
He suggested that people compare home loan deals to ensure they are getting the best one.
The Bank of England yesterday voted to keep its base interest rate static. Experts had suggested that no changes would be made until February after data about the state of the economy is released.