Millions of borrowers face increases in their mortgage repayments after lenders yesterday followed the UK’s biggest building society by passing on this week’s interest rate rise.
Eight leading lenders including Standard Life, HSBC, Lloyds TSB Scotland, First Direct and Coutts & Co upped their standard variable rates for mortgage loans by 0.25%.
Sainsbury’s bank, Mortgage Express and Cheltenham & Gloucester also passed on the full rise.
Halifax led the way on Thursday, increasing its standard variable rate by 0.35%.
References: Financial Times 08/11/03 page 1, The Times Business 08/11/03 page 62
