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Yorkshire and Clydesdale Banks increase mortgage rates

[ Posted March 17th, 2012 ]

Yorkshire and Clydesdale banks are the latest mortgage lenders to increase their mortgage rates. Over the last two weeks many major lenders including the RSB and Halifax have announced rate hikes, and it is only expected that more banks will jump in. There are about 30,000 customers that will be affected by the increase announced by Clydesdale and Yorkshire, as they will see their standard variable rates jump about .40% starting on May 1st.  For most customers of the banks, this means that repayments are going to increase by about £30 every month adding up to an increase of £360 per year.

The SVR mortgage rates are increasing up to 4.95% from the lower current rate of 4.59%.  For someone that has a £100,000 mortgage set at a 25 term they will approximately now have to pay £582 per month for their mortgage which is about £20 more.  The pair of banks stated that this is the first time they have had to increase their SVR rate in the last three years, and that they were forced to increase their mortgage rates because of the higher costs of funding.

The last week has been rough on those with mortgage lenders as almost a million borrowers have been affected by news that their SVRs were going to increase.  Of course, those with fixed mortgages will not be affected by the announced changes, but when their term ends it may be harder than ever to find a suitable replacement as mortgage deals are quickly disappearing off of the market.  As buy to let landlords continue to purchase most of the available bank funding, it will only get harder for the average first time home buyer to get onto the property market and for those with a mortgage to find a good remortgage deal.

Clydesdale and Yorkshire banks announced last week that customers have until July 31st if they want to switch their provider due to the increase in their SVRs without paying any exit administration fees.  Bank retail director, Steve Reid, stated that they believe that even with the increase their SVR will still below the rates of many other UK mortgage providers.  He added that the change had to be made because of the rise in costs associated with the mortgage market and that the increase in rates will help them continue to help keep deposit rates low.

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