Abbey increase interest rates on mortgages

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Abbey is set to increase its interest rates on a range of mortgages, according to the Daily Mail.

The newspaper has reported that the company will be the first of the major high street banks to do so, despite the Bank of England's recent decision to hold its own rates at 5.75 per cent.

The changes are only expected to affect the company's new customers.

Talking to the Daily Telegraph, Abbey's head of mortgages Nici Audhlam-Gardiner said: "These changes reflect moves in the market that have been experienced. We expect that these current trends will be sustained over a significant period."

Other major mortgage lenders are also expected to begin implementing their own increases, with FT Adviser.com reporting that Standard Life is to review its rates next week in the aftermath of recent events in the market.

Abbey is one of the UK's biggest mortgage and savings providers, and has offices in London, Milton Keynes, Bradford, Glasgow and Belfast.

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