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Rate rises raise concerns

There has been a rise in complaints about standard variable rates despite mortgage-related complaints falling slightly.

Mortgage complaints fell to 7,469 from 7,602 but complaints about lenders’ SVRs increased as well as complaints about rates not tracking changes in the base rate and the removal of interest rate ceilings by some lenders.

Banks accounted for 64 per cent of complaints, intermediaries made up 18 per cent and building societies 9 per cent.


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