Financial Times - UK lenders begin to raise mortgage rates despite BoE decision
Mortgage borrowers’ chances of securing an ultra-cheap deal narrowed this week in spite of a decision by the Bank of England to hold interest rates at 0.1 per cent, as banks and building societies raised interest rates across their fixed-rate home loans.
Some borrowers have been willing to pay charges to end their existing deals early in order to secure a longer term fix for peace of mind. Aaron Strutt, product director at broker Trinity Financial, said one client recently decided to pay £12,000 in exit fees on two five-year mortgages in order to lock in a low rate over 10 years.
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