August 3, 2018 / 1:44 PM / 2 months ago

Lloyds bank raises variable mortgage rates

LONDON (Reuters) - Lloyds Banking Group said on Friday it would increase rates on a number of its variable rate mortgage products by 0.25 percent in September, following the Bank of England’s decision to raise interest rates on Thursday.

People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. REUTERS/Peter Nicholls/File Photo

The bank’s Lloyds and Halifax homeowner variable mortgage rates, and its Halifax standard variable mortgage rate, will rise to 4.24 percent, according to a bank spokeswoman. Its Lloyds standard variable mortgage rate will rise to 2.75 percent.

“We will be contacting all customers who will see a change to their monthly mortgage payment to let them know what this means for them,” the spokeswoman said, noting around half of the bank’s customers have fixed rates and will therefore see no change.

“The group’s savings rates are currently under review, and any change will coincide with those being made to revisionary mortgage rates,” she added.

Barclays raised its mortgage rates on Thursday, shortly after the Bank of England’s decision.

An HSBC spokesman said on Thursday the bank was reviewing both its variable rate mortgages and savings rates.

Reporting by Emma Rumney, Editing by Lawrence White

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