HSBC has confirmed its Standard Variable Rates (SVR) will rise by 0.25% in little more than two weeks, after the Bank of England hiked the base rate by the same amount.
The lender’s residential and buy-to-let SVRs will jump to 3.94% and 5% respectively, from December 1.
HSBC is the latest lender to raise its SVR in reaction to the Bank of England’s taking core rates to 0.5% earlier this month.
Barclays, RBS, Santander and Nationwide are among the providers to announce higher repayments for customers on variable rate mortgages after passing the base rate rise.
HSBC said it will write to customers impacted.
Tracie Pearce, HSBC UK’s head of retail, added: “HSBC’s mortgage rates remain some of the lowest on the market, including our standard variable rate, maintaining our commitment to offer great value for all new and existing customers.”
