‘Base rate rise’ likely to push up mortgage costs again
Mortgage lenders are already responding to an expected Bank of England base rate rise on Thursday this week.
The issue is that these price hikes are now starting to add up, so mortgage rates are getting much more expensive.Santander is the latest mortgage lender to announce price hikes of up to 0.8%, while NatWest has also raised its rates.Aaron Strutt, product director of mortgage broker Trinity Financial, says: “The mortgage market is braced for another busy week of rate changes.“The Bank of England is expected to raise the base rate by up to 0.75% on Thursday. If this happens, it is likely that fixed rates will again jump in price.”Trinity Financial's brokers are getting used to more banks and building societies telling us that they are going to increase their rates by a half-percent or more. This is because they are looking to avoid topping the Best Buy tables.
Barclays recently made the incredible decision to pull some of its fixed rates after just one day. Says Aaron Strutt: “Most mortgages last longer than one day but, in many cases, they may be available for only three or four days. Lenders have each week been sending us emails detailing multiple rate changes."Call Trinity Financial on 020 7016 0790 to remortgage for home improvements or book a consultation
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