Lenders reprice SVRs following rate rise

Lenders are repricing their standard variable rates in the wake of the Bank of England&#39s 0.25% interest rate rise last week.

Among the first lenders to announce changes to their rates are Nationwide, which will increase its SVR by 0.35% to 4.89% from December 1 and Standard Life, which will increase its rate by 0.25% from 4.85% to 5.10% from November 19.

Chelsea has also withdrawn two of its existing fixed rates following the rise. Its two-year fixed rate is now 5.10% and its three-year rate is 5.20%.

GMAC-RFC and Mortgage Express&#39 variable rate products are also set to increase by 0.25% following the Bank rate rise.

Halifax, Alliance & Leicester, abbey, TMB, Northern Rock, Skipton and Bradford & Bingley are among lenders who will announce their rates in the next two weeks.

CML director-general Michael Coogan says: “It is far from clear whether this move is the start of a concerted hike in rates over the coming months.”