Abbey increases mortgage rate

Following the increase in the Bank of England Base Rate, Abbey's standard variable mortgage rate (SVR) will increase by 0.25 per cent from 7.09 per cent to 7.34 per cent.

The change will be effective from 1 February for existing borrowers and from 22 January for new borrowers. The increase for existing borrowers will come into effect at the same time as the increase in Abbey’s savings rates (1 February), full details of which will be announced shortly.

Variable tracker rate mortgages, which automatically follow changes in the base rate, will increase by 0.25% from 1 February for existing borrowers. As previously announced, this change was effective from 15 January for new business.