From 12 September the Society’s SVR will increase by 0.4% from 4.59% to 4.99% for residential mortgages and from 4.99% to 5.39% on buy-to-let.
The Cambridge confirmed that 2,693 customers will be affected by the changes.
Stephen Mitcham, chief executive at Cambridge said the Society is aware of the financial pressures that its members face.
“The Society continues to experience increasing costs, particularly in attracting and retaining retail savings, and has reached a point where it has had to pass on some of this cost to its borrowers. I would like to reassure you that we have delayed any increase for as long as we possibly could.”
Other lenders who have raised their SVR include Halifax, from 3.49% to 3.99% on 1 May, affecting 850,000 borrowers.
The Co-operative Bank pushed its SVR up by 0.5% to 4.74% on 1 May, impacting 54,000 borrowers. Clydesdale and Yorkshire Bank increased its SVR by 0.36% to 4.95%, affecting 30,000 borrowers in May, while the Bank of Ireland’s SVR rose to 4.49% on 1 June, affecting 100,000 borrowers.
The Royal Bank of Scotland increased Standard Variable Rates on its offset products by 0.25% to 4% on 1 March, while rates on its One Account product range also rose by 0.25% to 4% on 1 May, affecting around 200,000 customers.
Meanwhile, ING Direct increased its SVR from 3.50% to 3.99% on 1 August.
Below is a list of SVR changes that have already taken place:
(Table courtesy of Moneyfacts)
