The 14,000 mortgage customers transferring from Bank of Ireland to The Mortgage Works as part of a loan book sell-off are facing an almost 2 per cent increase in their SVR.
Last month BoI sold a £1.1bn mortgage book to Nationwide. This will see 14,000 BoI customers transfer to TMW in December.
BoI’s SVR is 2.99 per cent while TMW’s is close to double that at 4.79 per cent.
A spokeswoman for TMW says: “Customers will remain on their existing terms and conditions. TMW is able to align SVRs, but as a temporary concession it will not align these customers’ SVRs at the point of transfer, but over a phased period. We will keep customers updated about when their rate will change.”