Halifax has announced it will raise its standard variable rate (SVR) from 3.50% to 3.99% beginning May 1.

The U.K. mortgage lender, which is part of the Lloyds Banking Group, said in a press release that its decision was based on the increased costs it faced in raising the money to lend to customers. "We now need to ensure that our lender’s variable rates reflect these increased costs," the lender stated in the release.

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