From the 1st of October 2022, Newcastle Building Society’s SVR will increase by 0.95% to 4.91%.
The Society said the increase reflects a change in market conditions and lending costs.
A statement from the Socity reads: “Despite increases across the market since late 2020, Newcastle Building Society has maintained its mortgage SVR to date.
“Even following the increase, the new rate will remain one of the most competitive in the UK.”
The change will affect residential, self-build and buy-to-let (BTL) customers with products linked to the lender’s SVR.
Customers with any queries or concerns about their mortgage repayments should contact the Society via email, telephone or by visiting their local branch.
Customers affected by the SVR rise will receive a letter notifying them of the new rate and their revised monthly payment. Customers with fixed rate products will move to the SVR when their current product term ends.
