Mortgage & savings rate survey

Money Box has conducted a survey of mortgage and savings rate changes following the Bank of England's base rate increase of 6 November, 2003.

This survey was compiled on Friday, 14 November, 2003.

Since our broadcast on Saturday, 8 November, 2003, a number of increases to mortgage and savings rates have been announced.

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Abbey

Mortgages: Abbey's Standard Variable Rate will increase by 0.21% to 5.75%.

Variable Rate Tracker mortgages - which automatically follow changes in the base rate - will increase by 0.25%.

SVR change for new borrowers is effective 12 November, 2003, and for existing borrowers from 1 December, 2003 (existing ANMF borrowers with effect from 3 December, 2003).

The Variable Rate Tracker change for new borrowers is effective from 10 November 2003, and for existing borrowers from 3 December, 2003.

Savings: Rates on Abbey savings accounts will also increase, on average, by 0.21%. Full details will be available soon.

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Bradford and Bingley

For both new and existing borrowers Bradford and Bingley's Standard Variable mortgage rate will increase by 0.25% from 5.54% to 5.79% per annum.

The new rate will be effective from Sunday, 23 November, 2003.

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Halifax

Halifax will be increasing its Standard Variable rate from 5.50% to 5.75%.

The increase will come into effect from the 1 December, 2003, for existing borrowers.

Tracker mortgage customers will also see an increase in rates from 1 December, 2003.

Full details of increases in savers rates will be announced later this month.

Any changes to savers rates will, as usual, be implemented on 1 December, 2003, the same day as the mortgage rate increase.

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Intelligent Finance

The bank's SVR will move from 4.59% to 4.95%.

Intelligent Finance is to pass the full 0.25% plus an extra 20 basis points to all of its savers.

From 28 November, 2003, direct access savers will receive 4% AER / gross from £1 (previously 3.55%).

From 28 November, ISA savers will receive 4.35% AER/Gross from £1 (previously 3.9%).

The bank's overdraft rate will move from 8.39% to 9.8% EAR and its credit card rate will move from 8.9% to 9.8% APR.

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ING Direct

Interest paid on ING Direct savings accounts will increase from 4.1% to 4.3% from 1 December, 2003.

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Woolwich/Barclays

Woolwich / Barclays has increased its Standard Variable mortgage rate by 0.25% to 5.79%.

The increase applies to the Woolwich and Barclays Standard Variable rates and will not be effective until 1 December, 2003, for both new and existing customers.

Openplan Offset - which is guaranteed to track the bank's base rate for the lifetime of the mortgage (bank base rate plus 0.85%) - will increase to 4.60%, with immediate effect for new customers, and from 1 December, 2003, for existing customers.

Woolwich and Barclays savings rates are under review.

Changes will be effective from 1 December, 2003, for both Woolwich and Barclays.