Santander, TSB, and other banks provide an update on when mortgage rates will rise.

The Bank of England (BoE) confirmed yesterday that it has raised its base rate from 1% to 1.25 %, affecting approximately two million homeowners. Those with tracker mortgages and most SVR deals will see their mortgage increase.

High street banks have begun to confirm the dates on which customers with standard variable rate (SVR) mortgages will face increased costs.

The Bank of England (BoE) confirmed yesterday that it has raised its base rate from 1% to 1.25 %, affecting approximately two million homeowners.

Those with a tracker mortgage will see their interest rates rise automatically in line with inflation.

No changes to the bank’s SVR mortgages have been confirmed.

Lloyds Banking Group, the parent company of Lloyds Bank, Halifax, and Bank of Scotland, says it is still reviewing its interest rates.

According to Sarah Pennells, a consumer finance specialist at Royal London, someone with a £200,000 25-year repayment mortgage will pay an extra £27 per month as a result of the rate increase. This amounts to £324 over the course of a year.

“While some homeowners will be able to afford it, others will undoubtedly struggle, especially as other costs continue to rise,” she said. “A mortgage broker would be able to recommend the best mortgage for you because it isn’t always the one with the lowest headline rate of interest.”