More than half of mortgage lenders have now passed on the interest rate increase to customers

Because the Bank of England raised the base rate to 0.75 percent last month, 48 out of 81 lenders plan to increase their SVR

More than half of mortgage lenders have now passed on the interest rate increase to customers

Samantha Partington for the daily mail

Because the Bank of England raised the base rate to 0.75 percent last month, 48 out of 81 lenders plan to increase their SVR

Because the Bank of England raised the base rate to 0.75 percent last month, 48 out of 81 lenders plan to increase their SVR

More than half of the lenders have already passed on the recent rate hike to mortgage customers.

It means that debtors with the standard variable interest (SVR) of their bank will see their bills rise.

Since the Bank of England raised the base rate to 0.75 percent last month, 48 out of 81 lenders plan to increase their SVR.

Another 29 still have to confirm whether they pass the rate increase, while four have said that they will not. Average SVR is 4.84 percent, says data analysts Moneyfacts.

Kent Reliance, part of One Savings Bank, has one of the highest SVRs, which rose from 6.08 percent to 6.33 percent on 1 September.

A borrower with a £ 150,000, 25-year loan pays £ 997 per month, up from £ 974 earlier.

Borrowers with a 40 percent deposit could switch to 1.49 percent a two-year HSBC loan of £ 599 per month after paying a £ 999 fee.

Kent Reliance says that most of its customers are not on the SVR.

s.partington@dailymail.co.uk

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