The Times - Loan rates rise, but could fall again
Mortgage rates continued to rise this week as lenders withdrew their best offers, adding hundreds of pounds to the cost of new deals and fuelling fears that the era of super-cheap borrowing is waning.
Fixed-rate mortgages, in particular, are being revised upwards as house-hunters rush to take advantage of record low deals. The demand may overwhelm lenders’ ability to process applications, but competition could still bring prices down again.
Aaron Strutt, of the broker Trinity Financial, told The Times: “Lenders often raise their rates to reduce the amount of applications they receive. It wouldn’t be a surprise if they lowered rates again over the coming weeks once they have caught up with administration.”
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