Mortgages rates to climb again

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Mortgages rates to climb again

Thu, 25 Sep 2008

Due to further global financial problems, mortgage lenders could be set to sharply increase the cost of mortgage loans once again. With banks and building societies, as well as specialist lenders facing higher costs due to increased swap rates, in turn the cost of fixed-rate mortgages will go up.

Some lenders have already started to take action. The second largest mortgage lender in the UK, Abbey, have taken their most competitive mortgage rates off the market. Major mortgage lenders such as Lloyds TSB and Woolwich could increase the cost of borrowing over the next few days.

The news is unfortunate, because the cost of fixed-rate mortgages had started to come down until the most recent bout of financial events. For homeowners, the response could be a leap in mortgage repayments, either due to the repricing of products or the need for a remortgage .

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mortgages news
Yorkshire Building Society makes mortgage more accessible - Thu, 02 Sep 2010
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