More mortgage lenders increase rates
Banks and building societies have continued to increase their mortgage rates in anticipation of a Bank of England base rate rise.
Over the last week, NatWest, Skipton Building Society, TSB, Barclays and Accord Mortgages have all raised rates typically by up to 0.2%.
Since the start of the October there have been lots of rate increases, pushing up the cost of buying a property and remortgaging.
Aaron Strutt, product director at Trinity Financial, says: “There is a stronger expectation the base rate will finally rise next week and most lenders have raised rates once or twice over the last few weeks.
“If the base rate does rise from the record low level of 0.25%, lenders are likely to raise rates again pretty quickly after the announcement. However, many people in the mortgage industry would not bet against these rates coming down again as we have seen so many times before.”
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