[ad_1]
Next month, the Newcastle Building Society will raise its standard variable mortgage rate by 28 basis points.
Mutual says the rate will rise to 5.19% from 4.91% in England, Scotland, Wales and Northern Ireland from April 1, “reflecting changing market conditions and the cost of lending.”
The move will affect home builders, builders and leasing clients as products are pegged to the lender’s standard variable rate.
Borrowers affected by the increase will receive a letter notifying them of the new rate and revised monthly payment, the firm said.
He adds that customers with fixed rate products will switch to the standard variable rate when their current product expires, unless a new product has been negotiated.
[ad_2]
