Lenders pass on higher rates to customers

Homeowners have been hit with higher borrowing costs as lenders pass on the Bank of England’s interest rate rise. Halifax, Santander, Lloyds, Nationwide and Skipton Building Society all added 0.25 percentage points to their standard variable rate deals last week, just days after Threadneedle Street increased official interest rates from 0.5% to 0.75%. The lowest mortgage rates have doubled in the past six months and borrowers are now paying £840 a year more for the average loan than they did in October last year, analysis shows. 

The Daily Telegraph (25/03/2022)