5%, to 7.
5%, with immediate effect.
Tracker rate mortgages will increase by 0.
5% with effect from 1 February.
The change affects 60 per cent of borrowers who are not on fixed rates.
The move follows last week’s increase in the Bank of England base rate from 5% to 5.
5%.
Jersey Home Loans managing director Rob Procter said that although 7.
5% was lower than the standard variable rate charged by most of the banks in the Island, the increase was greater than they would have wished.
The reason for the increase, he said, was partly to do with the fact that Jersey Home Loans are not allowed to be deposit takers (provide savings accounts) in Jersey.
