The Telegraph - Mortgage rates rise by 24pc as banks struggle to cope with demand
One of Britain’s biggest mortgage lenders has increased interest rates by as much as a quarter, as banks try to dampen demand from home buyers.
Halifax announced on Friday that several of its rates would rise by 0.61 percentage points. Customers with a 20pc deposit are among those hardest hit by the move.
Aaron Strutt of Trinity Financial told The Telegraph that the majority of rate rises had targeted small-deposit borrowers, as they carried a higher risk for lenders and the banks were concerned about being inundated with applications.
“The lenders have been raising their rates because they are worried about processing delays, but they are also leapfrogging each other, so they don’t top the mortgage best buy tables,” he said.
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