Clydesdale and Yorkshire standard variable mortgage rates are increased.

Yet another lender has announced an increase to its standard variable mortgage rates.

The Clydesdale and Yorkshire have announced their SVR will rise on residential mortgages.

The bank's standard variable mortgage rates will go up from 01 May increasing from 4.59 to 4.95 per cent.

The change means that around 30,000 existing mortgage customers will have an average repayment increase of approximately £30 each month. The lender advises that this is the first time its SVR has been changed for over three years.

If you are one of the 30,000 customers affected by the increase then you are advised to contact Deal Direct without delay for an alternative low rate deal. Those customers who wish to re-mortgage with another provider have 3 months up to 31 July to move without incurring an exit administration fee.

Steve Reid who is the bank's retail director commented on the increase saying that their SVR should continue to remain below that of some other mortgage providers. He added that the increase has come about because the funding cost associated with mortgages has changed significantly since the bank's SVR last moved. He confirms that the lender's commitment to the mortgage market remains as strong as ever.

Deal Direct can help all mortgage holders affected by increasing standard variable mortgage rates. As 'whole of market' brokers our highly experienced advisers can source you a competitive new deal from any UK lender.