Newcastle Building Society will raise its mortgage standard variable rate by 28 basis points next month. 

The mutual says the rate will rise to 5.19% from 4.19% in England, Scotland, Wales and Northern Ireland from 1 April, which “reflects a change in market conditions and lending costs”.  

The move affects residential, self-build and buy-to-let customers with products linked to the lender’s standard variable rate. 

Borrowers affected by the rise will receive a letter notifying them of the new rate and their revised monthly payment, the firm says.

It adds that customers with fixed-rate products will move to its standard variable rate when their current product term ends if a new product has not been arranged.