The Cambridge Building Society raises its SVR by 0.4%

The Cambridge Building Society has announced that it will raise its standard variable rate (SVR) by 0.4% on the 12^th September. Their residential SVR will increase from 4.59% to 4.99% and the buy-to-let variable rate will be hiked from 4.99% to 5.39%. Stephen Mitcham, Chief Executive at The Cambridge says: "The Society continues to experience increasing costs, particularly in attracting and retaining retail savings, and has reached a point where it has had to pass on some of this cost to its borrowers.  I would like to reassure you that we have delayed any increase for as long as we possibly could." There are a number of lenders keen to tempt borrowers off of high standard variable rates by offering leading fixed and tracker rates. Woolwich has one of the lowest two-year fixes at 2.89% and has a free property valuation and legals service if you are re-mortgaging. There is a £999 arrangement fee and they require a 40% deposit. If you are looking to remortgage, call Trinity Finanial on 020 7016 0790. August 17, 2012