Following the Bank of England’s latest base rate increase, some mortgage lenders have been quick to raises interest rates.

The Leeds Building Society increased its tracker rates by 0.50% and withdrew its residential three-year fixed rate.

Skipton Building Society has upped its standard variable rate (SVR) by 0.25% to 6.5%, effective from 1 August.

Santander, meanwhile, announced an increase in its tracker rates and in Alliance and Leicester tracker product rates by 0.50%, effective 1 August for existing customers. All tracker and follow-on rates will have their rates increased, starting 27 June for new customers and product transfers. The bank’s standard variable rates for both Santander and Alliance and Leicester products have been maintained at 7.5%.

Will Rice, chief executive at residential mortgage lender Generation Home, pointed out that the immediate impact of the latest base rate hike would be to lenders’ standard variable rates, which react most often in proportion with the base rate increase. “Lenders may boast that they’re not passing the entire increase along to their SVR customers, but unless they are passing along the benefit of those high interest rates to their savings customers, it’s all just lip service.”