FT Adviser - ‘When will it stop?’: More than 40 lenders offer 4% mortgage rates
Mortgage lenders have continued to hike their rates in the past week, tipping fixed interest rates into 4 per cent territory.
FT Adviser highlights banks with 4 per cent rates include Santander, TSB, Lloyds Bank, Halifax, and Barclays.
“Banks are withdrawing products and raising interest rates at a rapid pace. When is it going to stop?," asked director at broker Trinity Financial, Aaron Strutt. “It’s going beyond base rate rises now.”
Santander for Intermediaries introduced rate hikes of up to 0.55 per cent for some of its mortgages last week, creating a “rush of applications” to secure the rates according to Strutt.
He explained: “One of our clients mentioned that he wanted to wait until the weekend to decide if he wanted to take one of Santander’s mortgages,” he explained.
“Once we found out the rate he was considering was going up, we alerted him, and he gave us permission to submit his application. His mortgage would have been 0.5 per cent more expensive if his application was not submitted that day.”
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