The Cambridge Building Society has increased its Standard Variable Rate (SVR) on both residential and buy-to-let mortgages.

The mutual’s SVR has increased today by 0.40 percentage points from 4.59% to 4.99% for residential mortgages and from 4.99% to 5.39% on buy-to-let mortgages.

“As a mutual The Cambridge is committed to supporting both borrowers and savers and is aware of the financial pressures that its members face,” said Stephen Mitcham, chief executive at The Cambridge.

“The society continues to experience increasing costs, particularly in attracting and retaining retail savings, and has reached a point where it has had to pass on some of this cost to its borrowers.

“I would like to reassure you that we have delayed any increase for as long as we possibly could.”