NatWest has increased its mortgage standard variable rate (SVR) in light of the changing Bank of England base rate.

A number of lenders announced there would be rate changes after the base rate rose from its record low of 0.1 per cent to 0.25 per cent last month.

Changes will apply to new borrowers from 17 January. Residential mortgage deals will have an SVR of 3.74 per cent, while buy-to-let borrowers will have a rate of 4.24 per cent.

These represent increases of 0.15 per cent, in line with the base rate change.

Existing NatWest mortgage customers on an SVR will see their rate increase from 1 February, similar to other lenders such as Santander and Nationwide whose rates will rise in the next month.

Customers on a fixed rate deal or those pending completion will move onto the new SVR at the end of their product term.