Newcastle Building Society has increased its standard variable rate (SVR) by 0.28 per cent to 5.19 per cent to reflect “a change in market conditions and lending costs”.
The lender said that following the increase, the new rate would “remain one of the most competitive in the UK”.
According to Moneyfacts, the average SVR in March was 7.12 per cent.
The change will impact residential, self-build and buy-to-let customers who have products linked to the SVR.
Customers that are impacted by the change will receive a letter telling them of the new rate and revised monthly payment.
Those on fixed rates will not be impacted unless their current product term ends and a new product has not been arranged.
Customers with questions or concerns about their mortgage repayments should get in touch with the mutual by email, telephone or visiting the local branch.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
