Mortgage News
BoS and TMB rate hike to hit 175,000 borrowers
The Bank of Scotland and The Mortgage Business will increase their SVR from 4.84% to 4.95% on 1 November, affecting around 175,000 customers.
The rate rise will affect around 77,000 residential mortgage borrowers and around 98,000 specialist customers, including those with buy to let, new build and self-cert loans, according to the Daily Mail.
Both lenders are part of Lloyds Banking Group and closed to new mortgage lending.
A spokesperson for the group attributed the rise in SVR to the “‘increased cost of funding and higher capital costs”.
The average SVR across all lenders is 4.80%, according to Moneyfacts.
