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Mortgage lenders raise rates
Mon, 20 Nov 2006
Following the Bank of England's announcement earlier this month that it would be raising the base rate, two more high street mortgage lenders have announced that they are increasing their standard variable mortgage rates.

The Royal Bank of Scotland and NatWest are both to effect the change, with the new rates applicable from December 1st 2006 for existing customers.

However, for new borrowers looking to find a mortgage with the lenders the changes will come a month apart - NatWest increasing the rate on November 30th, while the Royal Bank of Scotland will follow suit on December 20th 2006.

The Royal Bank of Scotland commented: "The change in rates follows a review after the Bank of England's monetary policy committee decision to increase rates by 0.25 per cent earlier this month."

Ray Boulger, senior technical manager at mortgage lender John Charcol, recently claimed that UK borrowers currently paying the standard variable rate will face a £15 per month rise in their repayments due to the recent base rate rise.

Collectively, this equals £43 million per year, the expert claimed.

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