SVR warning as Halifax raises mortgage rates

Chris Ison/PA Archive/Press Association Images

Halifax, the biggest mortgage lender in the UK, has raised its standard variable rate by 0.3 percentage points - ironically it chose to do this at the point when the Bank of England said it would keep rates at a record low of 0.5% for the 38th month running.

This will be painful for Halifax customers, but why is this happening, and what does it mean for borrowers generally?