Mortgage lenders have yet again made changes to product rates in light of the increased Bank of England (BoE) base rate.

Yesterday, the Monetary Policy Committee (MPC) confirmed the base rate had risen from 1% to 1.25% as a means to curb inflation. Many lenders have responded to the announcement by raising rates.

If you’re on a fixed rate mortgage, there won’t be any change until you come to the end of your deal. Around three quarters of UK homeowners have a fixed rate deal.

But if you’re one of the two-million borrowers on variable rate mortgages (1.1 million on standard variable rates, 850,000 with a tracker), you can expect the rise to be passed on fairly soon. Those remortgaging will also see higher rates trickle through.

Here’s a snapshot of what lenders are doing:

HSBC 

HSBC’s tracker mortgages will see rate rises to reflect the 1.25% base rate. Its residential and buy-to-let standard variable rates (SVRs) will remain unchanged. 

Earlier this week and ahead of the rate rise, HSBC increased a number of two, three and five-year fixes between 60% and 95% loan to value (LTV) for new and existing residential and buy-to-let borrowers. 

Leeds BS 

Leeds Building Society made the decision to hold its SVR, which is currently 5.54% for standard mortgages and 5.84% for buy-to-let products. 

Richard Fearon, chief executive at Leeds Building Society, said: “We work hard to balance the needs of our membership as a whole, whether savers or borrowers. So to support our borrowers, we’ve again agreed not to increase our standard variable rate following the MPC announcement.” 

Nationwide 

Nationwide will increase rates on its trackers products to reflect the base rate from 1 August. 

It said it was “working through” what the change means for its variable reversion rates, Base Mortgage Rate and Standard Mortgage Rate, noting it previously rose both to reflect the BoE’s May decision. At the time, these went up by 0.25% each to 3% and 4.49% respectively. 

Santander 

All Santander’s tracker mortgages linked to the base rate will rise by 0.25% from the beginning of July. The bank’s follow-on rate will increase to 4.5%. 

Mortgage products linked to the base rate issued by its subsidiary Alliance and Leicester will also see a 0.25% uplift which will come into effect in the beginning of August. 

Both brand’s SVRs will rise to 5.49% from August. 

Skipton BS 

Skipton Building Society has decided not to increase its SVR or mortgage variable rate. Despite the base rate rising by 1% over time, the mutual has only increased its variable rates by 0.25% since. 

A Skipton Building Society spokeswoman said: “For our borrowers, the society will not be increasing its MVR or SVR, meaning for the bulk of mortgage customers – those not on base rate tracker linked products – there will be no increases to their payments as a direct result of today’s bank base rate announcement.” 

The mutual will also withdraw its base rate-linked tracker products on 19 June, to replace them with repriced alternatives on 20 June to reflect the rate change.