Five banks increased their standard variable rates (SVRs) yesterday, with more than one million homeowners to be affected. Bank of Ireland, Clydesdale and Yorkshire Banks, Co-operative Bank, Halifax and Royal Bank of Scotland/NatWest all increased their SVRs. The bank with the most affected customers is Halifax, with around 850,000 customers hit by the 0.49% increase, with the SVR rising to 3.99%. Estimates by Which? suggest that the upturn in SVRs could add £300 million to the UK's mortgage bill over the next 12 months. "Our advice to anyone struggling with their mortgage repayments is speak to your lender straight away," Which? chief executive, Peter Vicary-Smith said.
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