Following the decision of the Bank of England to increase its base rate to 0.75%, Skipton Building Society has announced that it will not pass on the increase to its customers on Standard Variable Rate (SVR) or Mortgage Variable Rate (MVR).

It will, however, implement rate increases on the majority of its variable savings products.

Skipton said that these changes will take effect on March 31 and that full details of the increases on individual savings products will be published on Skipton’s website by March 25.

“With households facing the highest inflation rate for many years and customers facing soaring energy bills, it’s our duty to help our customers during these challenging times. That is why we have taken the decision to hold our MVR/SVR rates at current levels – we believe it’s the right thing to do for our borrowers,” Ian Cornelius, commercial director at Skipton, said.

Many lenders announced adjustments to their variable rates immediately after the Bank of England increased, for the third consecutive time, its base rate on Thursday.

Read more: Bank of England announces interest rate hike – reaction pours in.

Rates on base rate tracker mortgages will increase in line with the terms and conditions.  If the product has a rate cap, the rate will not go above this level.