Analysts are predicting a wave of increases in mortgage interest rates after Halifax announced it would increase its standard variable rate (SVR) to 3.99% from 3.5% in May.
The move by the UK's largest lender marks the first rise in its SVR for three years and will affect 850,000 of its customers and thousands more in the coming months as borrowers on other deals revert to the default SVR rate. Monthly bills will go up by £16.40 to £498.95 for a typical borrower of £67,500 on a repayment mortgage, while a typical interest-only borrower's bill will go up by £27.54 to £224.44. Elsewhere, Royal Bank of Scotland lifted rates by 0.25 percentage points to 4% on two mortgage products, while Santander is also set to raise rates on some home loans sold through in...
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