The Cambridge raises its Standard Variable Mortgage Rate

The Cambridge Building Society has announced that its Standard Variable Rate (SVR) will increase on both residential and Buy to Let mortgages.

From Wednesday 12th September 2012 the Society's Standard Variable Rate will increase by 0.40% from 4.59% to 4.99% for residential mortgages and from 4.99% to 5.39% on Buy to Let mortgages.

The Society's SVR remains competitive in the current market and all customers who will be affected by this change are currently being informed.

Stephen Mitcham, Chief Executive at The Cambridge says: "As a mutual The Cambridge is committed to supporting both borrowers and savers and is aware of the financial pressures that its members face.

"The Society continues to experience increasing costs, particularly in attracting and retaining retail savings, and has reached a point where it has had to pass on some of this cost to its borrowers.  I would like to reassure you that we have delayed any increase for as long as we possibly could."

For more information, visit cambridgebs.co.uk.