Three weeks on and still lots of rate changes unknown

Andrew Hagger, Head of News and Press at moneyfacts.co.uk looks at the current state of play following the MPC decision to increase base rate by a quarter point on 3rd August.

Mortgages

“With over 80% of mortgage SVR changes announced, we have seen a number of providers take the opportunity to make an increase greater than 0.25% with Furness BS, NatWest and RBS increasing by 0.30% and Standard Life by 0.31%.

“A lender that has bucked the trend this week is Leeds BS who has increased SVR by 0.24% to 6.74%.

“There are a few announcements still to come, including a couple of big players namely Woolwich & HSBC, but we would expect these to be released very soon.

“The Moneyfacts average SVR now stands at 6.57%.  

Savings

“On the savings front the picture is a bit different, in that only 62 out of 115 institutions have amended their rates so far, and of these 62 only 46 have increased their whole variable savings product range.

We’re still awaiting decisions from some of the bigger institutions such as Alliance & Leicester, Barclays, Bradford & Bingley, NatWest, Woolwich, Nationwide and C & G and so looks as if it could be another hectic week ahead.”

NOTES TO EDITORS:

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

Regular Charts
We can supply you with regular weekly or one-off selection charts on many financial products including savings, mortgages, credit cards and personal loans. Our charts are independent, impartial, totally accurate and up to date. 
Please call Andrew Hagger on 0870 2250 512 for further information.

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