Lloyds Banking Group will change their mortgage reversionary rates as lenders slowly begin to implement last week’s base rate increase.
Following the monetary policy committee’s unanimous vote to raise the base rate to 0.75 per cent last week, the lender has announced an increase to its Lloyds and Halifax variable mortgage rates but is yet to announce any changes to its savings rates.
From Saturday 1 September, the Halifax homeowner variable rate and the Halifax standard variable rate will both increase from 3.99 per cent to 4.24 per cent - matching the full 0.25 per cent rise.
From the same date the Lloyds bank homeowner variable rate will increase from 3.99 per cent to 4.24 per cent and the Lloyds standard variable rate currently at 2.50 per cent will increase to 2.75 per cent.
A spokesperson for Lloyds Banking Group said around half of their customers have fixed rates and will not see changes to their monthly payments - and those borrowers affected by the increased rates will be contacting individually.
The group said its savings rates were currently under review, with any changes due to coincide with those being made to the reversionary mortgage rates.
Yesterday, Nationwide adjusted both its mortgage and savings rates in response to the Bank rate increase.