Among them, Nationwide Building Society said members who held its base mortgage rate (BMR) loans on or before 29 April 2009 or held its standard mortgage rate (SMR) products on or after 30 April 2009 would see an increase of 0.25 per cent.
That translates to higher rates of 2.50 per cent for the BMR and 3.99 per cent for the SMR, which would take effect on 1 March.
From the same date, existing Nationwide borrowers with a tracker mortgage would see their rate rise the same as the BoE increase of 0.25 per cent.
The lender said it would analyse what the BoE increase starting 1 March would mean for savers.
Earlier, Nationwide announced it was increasing the interest it paid on several of its savings accounts by at least 0.15 per cent as of 1 February on its on children’s and regular savings accounts, the Society’s Help to Buy ISA, and its loyalty accounts.
Savers could benefit
Principality Building Society also said it would increase rates by 0.25 per cent for existing account holders of its variable rate savings products on 1st March and that its existing base rated tracker products would be replaced on 8 February to reflect the BoE decision.
It said holders of more than 400,000 Principality savings accounts would see an increase in rates next month and that on average, it paid 0.71 per cent across all its savings accounts compared to the market average of 0.29 per cent. It said the fixed rate bond and ISA range would continue to be reviewed independently of variable rates.
Morgan Miles, head of product pricing at Principality BS, said: “It has been a tough few years for savers given the low rate environment, so we’re happy to be able to increase the interest rates of our savings products. We have tried to support savers as much as possible, maintaining an average interest rate on our accounts which has been consistently higher than the market average.”
Skipton Building Society said it would be changing rates in light of the new BoE base rate.
And Platform, the mortgage arm of The Co-operative Bank, said it was reviewing its standard variable rate which is currently 4.49 per cent and would alert borrowers to any changes.
Santander said that for existing borrowers, all tracker mortgage products linked to the base rate would change from the beginning of March, including its Follow-on Rate (FoR), which would rise from 3.50 per cent to 3.75 per cent.
Santander and Alliance & Leicester’s standard variable rates are set to rise from 4.49 per cent to 4.74 per cent from the beginning of March.
While not citing specific rates, Halifax said it would write to customers with mortgages affected by the BoE rate change to let them know their new monthly payment before it was due.
