Major mortgage lenders hiked their interest rates last week as reports claimed the UK will experience a 'double-dip' recession, where economic recovery will be followed by a second fall.
According to the Times, Northern Rock moved its five-year fixed-rate mortgage from 4.99 per cent to 5.39 per cent and withdrew its similar three and four-year deals.
Royal Bank of Scotland also pushed the deposit required on its two-year tracker from 20 per cent to 25 per cent, the equivalent of £10,000 on a £200,000 property .
Halifax chief economist Martin Ellis claimed that house price falls could be a possibility if a double-dip recession takes place.
Ian Gray, spokesperson for broker Largemortgageloans, told the newspaper: "To tighten criteria like this is a way of saying it does not have confidence in the sustainability of house prices .
Lender MyMortgageDirect recently claimed that a drop in house prices will not make properties much cheaper for first-time buyers, but will be bad for the market.
Mortgage rates up as fear of double dip recession rises
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Mortgage rates up as fear of double dip recession rises
Mon, 23 Nov 2009
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