Eight major UK lenders have lifted mortgage rates on a range of products. Average fixed-rate deals are moving higher, offering no relief to borrowers. The increases extend across a wide range of home loan products.
The moves come ahead of the Bank of England's next vote on interest rates. Inflation rose to 3.1 percent, heaping more pressure on mortgage pricing. The Times and The Telegraph both reported the rises. Borrowers looking for new deals or renewals will face higher costs. Many households will see monthly repayments go up.
The latest rise follows a string of increases. Lenders are responding to market pressures. The outlook for mortgage rates is still uncertain. Homeowners with expiring deals will pay more. New buyers face the same pressure. Rising costs increase the burden on families.