- Friday, 8 January 2010IVA information may be sought by homeowners hit by rising mortgage rates, despite the hold on Bank of England's 0.5 per cent base rate.
New research by financial information provider Moneyfacts.co.uk reveals that eight mortgage providers have increased their Standard Variable Rates (SVR) since the base rate was set in March last year.
Mansfield Building Society is to become the latest lender to increase its SVR, up 0.35 percentage points to 5.59 per cent, according to the report.
Moneyfacts.co.uk spokesperson Darren Cook said the momentum to increase SVRs is gathering pace and suggested that as a number have already taken the step it is highly possible that other lenders would follow.
"In recent months providers have been forced to increase savings rates in order to raise funding in a very competitive market. Increasing the SVR may be the only way some can offset this cost," he said.
The Bank of England has announced that it will hold the official bank rate at 0.5 per cent for the tenth month in a row.
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