What UK lenders have said about their mortgage and savings rates

Owners with variable-rate mortgages are waiting to see what their lenders will do after the base rate goes up today

The base rate was raised to 0.75 percent today and banks and development companies must decide whether or not to approve the increase.

Those with follow-up mortgages according to the Bank of England rate will see that monthly payments will increase from next month, as the total increase of 0.25 percentage points is automatically transferred.

Others in standard variable rate agreements, or mortgages linked to them, must wait to see if their lender decides to change their default rate.

Some banks and construction companies rushed out of the blocks with ads, but most simply stated that crawling rates would increase instead of confirming standard variable rate movements.

Special attention will be paid to whether those who increase mortgage rates also increase savings rates by the same amount.

This is what the main suppliers have said so far.

Owners with variable-rate mortgages are waiting to see what their lenders will do after the base rate goes up today

Owners with variable-rate mortgages are waiting to see what their lenders will do after the base rate goes up today

RBS – The base rate of the Royal Bank of Scotland, NatWest and Ulster Bank North has increased from 0.5% to 0.75%. For those customers with base products linked to rates, their rate will also increase.

RBS said it is reviewing whether it will make any changes to the variable rate products and will provide an update in the near future.

Lloyds Banking Group (includes Halifax) – There has not been any announcement about standard variable rates yet.

All products that follow the base rate of the Bank of England will increase by 0.25 percent from September.

Lloyds said: "The increase in the base rate of 0.25 percent from the Bank of England will be part of the ongoing fee reviews in all our product ranges."

Santander – You are reviewing the price of all your variable rates that are not linked to the base rate.

All mortgage tracking products linked to the base rate, including the Santander tracking rate, will move in line with the change. All loans to UK companies linked to the base rate will move in line with the change and in accordance with the terms of the agreement.

All savings products linked to the base rate will move in line with the increase since the end of August.

A spokesperson for Santander said: "When we review rates, we consider both the interest we charge for borrowing money, and the interest rate we can offer on deposits."

TSB – There is still no standard variable rate ad. A spokesman for the TSB said: "Following the decision of the Bank of England to raise the base rate by 0.25% to 0.75%, we are currently reviewing our rates.

"We know that customers will have many questions about how this base rate change will affect them and we will make an announcement as soon as possible."

HSBC – Follow-up mortgages will grow on Friday in line with the base rate. Other mortgage rates and savings will be revised in the light of the Bank of England's decision.

A spokesman for HSBC UK said: "While our savings rates are not directly related to the base rate of the Bank of England, we will review them in light of this decision and other factors, and we will make our clients at both of the changes in the savings rates at the first opportunity ".

"We will review other variable rate mortgages, including our standard variable rate, following this decision, and we will contact the affected customers, with a notice given in line with the terms and conditions of the mortgage."

Barclays – A spokesperson for Barclays said: "Following today's announcement by the Monetary Policy Committee to increase the base rate of the Bank of England by 0.25 percent, Barclays Mortgages has revised the Barclays standard variable rate and this will increase by a 0.25 percent.

This will become effective for customers with the Barclays Standard Variable Rate as of September 1, 2018. & # 39;

Nationwide Building Society

The Nationwide Building Society has announced adjustments to savings and mortgage rates in response to rising rates. Affected rates will change as of August 31, 2018 for savings accounts and September 1, 2018 for mortgages.

Help to buy ISA will increase to 2.50 percent, Loyalty Saver and Loyalty ISA will now pay up to 1.10 percent, Flex ISA will increase to 1.10 percent, Flex Online Saver will increase to 0.60 percent and Smart will will increase to 1 percent.

In the case of mortgages, the basic mortgage rate of the company and the standard mortgage rate will increase to 2.75% and 4.24%, respectively. Tracker mortgage rates will increase by 0.25 percent.

Chris Rhodes, of the Nationwide Building Society, said: "The sustained environment of low interest rates and competition in our central markets will keep pressure on margins.

"Despite this pressure, the Company is opting to put the mutuality ahead of the margin. Then, while £ 41 trillion of the Company's mortgage balances will see an increase as a result of the change in the Bank rate, more than £ 70 trillions of savings balances will also receive an increase.

"Following these changes, we will continue to offer some of the most competitive savings and mortgage rates on the main street."

Yorkshire Building Society – A Yorkshire spokeswoman said: "We will take some time to consider how to adjust our variable rate mortgage and savings accounts.

"As a mutual that is owned by its members, our priority is to offer highly competitive and sustainable rates for both our savers and borrowers."

Coventry Building Society – Following the increase in the base rate of the Bank of England, we are reviewing our savings and mortgage rates. We will announce our decision no later than August 23, with the intention of applying changes from September 1.

Skipton Building Society – Kris Brewster, Skipton's product manager, said: "Following the increase in today's base rates, Skipton will fully transfer the increase to all of our savings and variable rate mortgages for sale.

"By passing the increase in the base rate to our savings and variable rate members, we seek to achieve the right balance for our broader membership."

OneSavings Bank – A spokesperson said: "Following the recent change in the base rate of the Bank of England, we are currently reviewing the ranges of mortgage and savings products and we will announce any changes in the products in due time."

Clydesdale Bank – A spokesman said: "Following the announcement of the base rate of the Bank of England Monetary Policy Committee at noon today, we can confirm that all of our products linked to the base rate will change as of Friday, August 3, 2018.

"We are now reviewing the rates on all other products and will confirm any changes as soon as the details of the new rates are available."

Virgin Money – A spokesperson said: "For mortgage customers, the vast majority of our mortgage customers, 80 percent, have fixed-rate products, so they are not affected." Follow-up rates for existing clients will increase by 1. October, in line with the terms of the loan.

"We have a very small proportion of our book on SVR, less than 10 percent, and our SVR is currently under review.

& # 39; Clients at the beginning of their savings day will see their rate increase by 25 bp, including the accounts of children and customers who save to buy a property through a Help product to buy: ISA or saving to buy.

"We will also transfer the full rate increase to the vast majority of our Saver Reward and Saver Reward ISA customers, as well as all of our Charity accounts.

"We also recognize the importance of helping clients develop the habit of saving and we are increasing the rate of our attractive product of regular savings by 25 bp.

"Finally, the savings tracking products will also increase by 0.25 percent, all the changes mentioned above will be effective as of September 1st."

Building society West Bromwich – The terms of the product require us to increase mortgage tracking rates on the first day of the month following the change in the Bank Rate (September 1).

"However, we have taken the decision to delay the increase equivalent to the Company's Standard Variable Rate (SVR) for existing borrowers until October 1 so that those affected have sufficient time to prepare.

"Savers have had to deal with the challenges of a low interest rate environment for several years and will no doubt welcome the news of a further increase in the Bank rate.

"We will ensure that the vast majority of our savers with variable rate accounts see increases of up to 0.25% in their interest rates, the timing of the increases is aligned with our changes for SVR borrowers and will be applied as of 1 October.

Newcastle Building Society – A spokesman said: "Following the announcement by the Bank of England on August 2, 2018 to raise its base rate to 0.75 percent, all existing fixed-rate mortgages will remain unchanged, as will our rate. standard variable.

"All mortgages linked to the base rate of the Bank of England will see an increase in line with the terms of its products."

TSB – The interest rates of TSB variable rate mortgages will increase by 0.25 percent. Interest rates on Young Saver Account and Junior ISA will also increase by 0.25 percent.

All other variable rate savings accounts will increase by 0.10 percent. The increases in interest rates for borrowers and savers will take effect on September 1, 2018.

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