Newcastle Building Society raises SVR by 28bps Mortgage Finance Gazette

Img

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.