Mort­gage mis­ery for thou­sands

Midweek Sport - - FRONT PAGE -

MORT­GAGE costs for thou­sands of bor­row­ers will jump this week as one of the coun­try’s big­gest lenders hikes in­ter­est rates.

San­tander’s stan­dard vari­able rate’s 0.5% rise to 4.74% will re­sult in an av­er­age in­crease of £26 a month or £312 a year for a £100,000 mort­gage.

The switch will af­fect hun­dreds of thou­sands of cus­tomers, al­though San­tander has not dis­closed the fig­ure.

San­tander’s change, first an­nounced in Au­gust, is one of a num­ber by lenders in re­cent months, dash­ing hopes that house­holds will see some ben­e­fit from the Bank of Eng­land’s fund­ing for lend­ing scheme.

More than a mil­lion home own­ers saw an in­crease in May when the Hal­i­fax, the Co-op Bank and Cly­des­dale and York­shire Banks raised their SVR rates.

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