Banks across the country have started to confirm when customers on standard variable rate (SVR) mortgages will see interest rates will go up. The Bank of England (BoE) says it will increase its base rate from 1% to 1.25%.
It is thought that this will affected around two million homeowners. The rate your repayments will increase depends on what type of mortgage you have taken out.
Those on a tracker rate mortgage will see their interest rates go up automatically in line with the BoE rate hike. But lenders are more likely to pass on the full interest rate to someone on a SVR mortgage.
