Portman Building Society will increase its Standard Variable Rate by 0.24% to 6.99% with effect from 16 November 2006 for new business and from 1 December 2006 for existing business.

The increase reflects the Monetary Policy Committee's decision on 9 November to increase the bank base rate by 0.25% to 5.00%.

The Society is also reviewing its savings rates and an announcement regarding that product range will be made shortly. For the latest mortgage rate news www.Mortgage-Shop.co.uk available 24 hours a day.