Thousands of ING Direct mortgage customers face a jump in their mortgage rate from next month.

The bank will raise its standard variable rate (SVR), which most mortgages revert to after an introductory period, from 3.5% to 3.99% on 1 August.

On a typical £150,000 repayment home loan with 20 years remaining, this would push monthly costs from £870 to £908, which would work out as a £456 annual rise.

ING has 4,500 borrowers on its SVR.

The Dutch-based bank will become the latest in a long line to raise its standard rate, blaming market conditions.

  • Halifax's SVR jumped for 850,000 customers from 3.5% to 3.99% in May.
  • At Co-operative Bank, 54,000 customers saw their SVR rise from 4.24% to 4.74% in the same month.
  • 30,000 Clydesdale/Yorkshire Bank customers' SVR rose from 4.59% to 4.95%, also in May.
  • Bank of Ireland UK's 100,000 SVR holders will see their rate soar from 2.99% to 4.49% between June and September.
  • Meanwhile, 200,000 Royal Bank of Scotland offset mortgage customers' standard rate increased from 3.75% to 4% in March or May.