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HALIFAX, BRITAIN'S biggest mortgage lender, yesterday boosted its main interest rate from 8.7 to 8.95 per cent following the quarter- point rise in base rates 10 days ago.

The average borrower with a pounds 60,000 Halifax loan will see monthly payments rise by pounds 11.88 to pounds 425.13 from 1 July. The bank said savings rates would also rise but did not say by how much. The rise will not immediately affect borrowers on its annual review scheme.

Northern Rock followed closely with a bigger rise for its borrowers, boosting its headline rate from 8.5 to 8.95 per cent from July 3.