Financial Times - UK lenders increase mortgage rates after gilt yields rise on inflation data
Lenders, including Nationwide Building Society, have put up rates on new mortgages after higher-than-expected UK inflation data pushed gilt yields towards levels not seen since last year’s “mini” Budget crisis.
Aaron Strutt, technical director at Trinity Financial, told the Financial Times that the move by Nationwide, the UK’s second largest mortgage lender, would prompt other companies to follow suit. “It looks like we will be in for another choppy period with lots of rate changes,” he warned. “This is frustrating because it was not long ago that they started to come down.”
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