Borrowers beware – mortgage rates are on the rise.
The base rate might have stuck stubbornly at 0.50% for the past three years, but some of the country's biggest lenders are increasing their standard variable rates (SVRs) from May 1.
Halifax, Co-operative Bank, Clydesdale Bank and Royal Bank of Scotland are all about to put up their SVRs, hitting one million borrowers where it hurts. The average rise is 0.62%, which will add an extra £52.58 a month to a £150,000 mortgage, according to MoneySupermarket.
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