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Halifax is the largest Mortgage lender of the UK. Recently it increased its Standard Variable Rate by 0.25% to 7.00%. The reason is hike in Bank of England’s interest rate.

Halifax is the first major lender to move its SVR and it is likely that competitors will now follow its lead.

Halifax stated that 50% of customers are on a fixed rate mortgage and would be unaffected by the change.

This was followed by the announcement by the country's biggest building society, Nationwide, that it would be increasing the cost of its mortgage deals.

The experts of mortgage industry gave advice to the people to approach their existing lender to see if they can transfer onto a more competitive rate. If that's not possible, they should consider a remortgage to negate the effect of this base rate rise and 'future proof' themselves for potentially more upward movement.

This rise can bring rise in the UK’s debt.