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Mortgage repayments set to rise

Mortgage repayments are set to rise, despite interest rates being held for a second month, as Britain's second-biggest mortgage lender raises its rates. Abbey is the first High Street bank to put up the interest rates on its standard tracker mortgages for new customers and other lenders are expected to follow suit - with Standard Life confirming that it too is reviewing its rates.The Daily Telegraph reports that mortgage rates are now at a nine year high, and Nici Audhlam-Gardiner, head of mortgages at Abbey, told the paper: 'These changes reflect moves in the market that have been experienced.""We expect that these current trends will be sustained over a significant period and that other companies will follow imminently, given they will be under the same market pressure."Ray Boulger, from mortgage advisory firm Charcol, predicted that Abbey's decision would spark a wider trend: "Once you get one mortgage lender doing this, the others who have been holding off so far are likely to follow suit."

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