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SVR increases 'are no surprise'
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It is not surprising that several lenders increased their standard variable rates (SVRs) for products such as new homes mortgages.

This is according to Ben Wilkie, editor at WhatMortgage, who commented shortly after the Bank of England decided to maintain the base rate at 0.5 per cent.

He said that the decision by eight lenders to raise their SVR is no surprise as many do not use the Bank of England as an indicator.

Mr Wilkie explained that this is because these firms have to borrow capital from money markets, which have been rising in recent times.

He added: "It is not that they are really tying to stiff customers, it is just that their costs have risen and they are passing on those costs."

The expert also suggested that more lenders could be set to increase their SVRs in the coming months.

According to recent Bank of England figures, there were 60,518 new mortgage approvals in November 2009.


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Date Published: 12 January 2010

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