ING Direct announced that it plans to increase its standard variable rate from 3.5% (3.7% APR) by 0.49% to 3.99% (4.40%APR) from the 1/08/2012. According to the Bank the move is due to the increasing cost of funds.
Bank of Ireland, Clydesdale and Yorkshire Bank, Co-operative Bank, Halifax, Royal Bank of Scotland/Natwest all increased their Standard Variable Rate’s in May.
This rate increase shows the benefit of being on a transparent tracker mortgage linked to Bank of England Base Rate as opposed to a rate that can be changed at any time at the lenders discretion.
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