Mortgage rates to increase for new borrowers.
According recent reports, lenders increased mortgage rates and tightened lending criteria are making it more difficult to achieve a mortgage offer. Problems started with the credit crisis and the situation has steadily got worse.
Several lenders have not improved the situation with their recently announced rate increases for new mortgage borrowers. The lenders due to implement rate increases include HSBC, Abbey, Halifax, Santander, Lloyds TSB, Cheltenham & Gloucester and Britannia.
Would-be buyers wanting a tracker, fixed or discounted new deal are to face increased rates, which have gone up from between 0.1 and 0.4 per cent .
According to BOE data an average 2 year fixed rate mortgage for 75 LTV rose to 3.45 per cent in March compared to 2.9 per cent last September.
Several lenders have also announced that their SVRs are to increase from 01 May including the Halifax, Clydesdale and Yorkshire banks, Bank of Ireland and Cooperative Bank who advise the increases are due to rising wholesale borrowing costs.
Those mortgage holders sitting on their lender's SVR are advised to make a review of their mortgage rates through Deal Direct.
We are 'whole of market' brokers dedicated to our customers needs. We will work hard on your behalf to make a product comparison of all suitable offers available, to find you the best and most affordable deal on offer so call us today.
