Mortgage Strategy - Mortgage prices rising ahead of potential bank rate hike
Some of the nation’s biggest lenders have raised their mortgage rates in the past couple of weeks, and according to many in the industry, more could be coming soon.
Mortgage Strategy magazine reported The Bank of England has made no secret that it is weighing up a base rate rise early next year and, coupled with chancellor Rishi Sunak referring to the Office for Budget Responsibility forecasting 4% inflation next year, an end to this period of ultra-low rates could well seem inevitable.
“It has come as a bit of a shock that so many of the sub-1% deals being withdrawn as we are used to seeing them,” says Trinity Financial product and communications director Aaron Strutt.
He continues: “Borrowers are advised to lock into the super cheap deals while they can especially if their remortgage is coming up or they are in the process of buying a home. Even though rates are rising the lenders have huge targets to meet so they will want to remain as competitive as possible to attract customers.”
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