According to new research conducted by MoneyExpert, bad credit mortgage lenders have not passed on recent base interest rate increases to borrowers.
Interest rates have increased several times in recent months, with a shock Monetary Policy Committee decision on interest rates in January. Borrowing currently stands at 5.25 per cent, the highest level in five years. The average interest rate offered to borrowers who are classed as ‘non-standard’ (light adverse or poor credit) stands at around 6.57 per cent.
This means that lenders have not passed on the 0.75 per cent increase in base rate increases. Furthermore, almost a fifth of mortgage brokers are now planning to increase the range of bad credit mortgage loans that they offer during 2007.
There is a cloud to this silver lining; as many sub-prime mortgages incur hefty fees. The average now stands at over 900 pounds, with only 13 mortgage lenders offering a fee-free adverse loan . The adverse market continues to grow.
Bad credit mortgage lenders do not pass on interest rate increase
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Bad credit mortgage lenders do not pass on interest rate increase
Wed, 07 Feb 2007
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