This means that existing customers with mortgages linked to the base rate will see their payments go up in line with the 0.25 per cent hike from 1 April, and as of 22 March all new illustrations and mortgage offers will also reflect the increased rate.
At the Monetary Policy Committee’s meeting this week the base rate rose to 0.75 per cent, bringing it back to its pre-pandemic level.
Aldermore’s standard variable mortgage rate, the Aldermore Managed Rate (AMR), will increase from 4.98 per cent to 5.23 per cent from 1 April for existing customers. All new mortgage offers and illustrations including product transfers will reflect this.
Aldermore customers affected by the announcement will be informed of the changes to their account.
The lender’s move to raise its rates follows the lead of others such as Santander and Nationwide in making adjustments to reflect the change.
