Clydesdale and Yorkshire Banks have announced an increase to their standard variable rates (SVR) for residential mortgage customers. The increase is to come into effect from 1 May 2012, and will see the banks' SVRs rise from 4.59% to 4.95%. The banks cited the increased costs associated with wholesale borrowing as the reason for the increase, while pointing out that it was the first change to the SVRs in three years. A customer with a £100,000 mortgage will see their monthly bill increase by around £30 per month. "This change will help enable us to continue to support savers and maintain the competitiveness of our deposit rates," commented Steve Reid, retail director.
moneyfacts.co.uk
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