Abbey increases SVR by 0.21%

Abbey is to increase its SVR by 0.21% to 5.75% following last week&#39s Bank of England base rate rise.

Variable tracker rate mortgages, which automatically follow changes in the base rate, will also increase by 0.25%.

Angus Porter, customer director at Abbey, says: “This is the first increase in the base rate since February 2000 and homeowners are still enjoying historically low rates.

“Abbey is balancing the needs of borrowers and savers, and it has now narrowed the gap between base rate and our standard variable rate to just 2%.”