Mortgage warning for millions as Bank of England hikes interest rates again

The slowing market has had a knock-on effect on a number of housebuilders and builders’ merchants who have flagged much weaker demand for properties.

Lloyds Banking Group, the UK's biggest lender, said its customers who will be fixing to a mortgage deal over the rest of the year could face an average £360 increase in their monthly repayments.There are 639,000 residential tracker mortgages outstanding. But rates for any future loan could be higher, and lenders could increase the rate on credit cards and overdrafts - although they must let you know beforehand.The averageSavers could get some further relief as banks continue to battle it out by offering market-leading interest rates., especially after a long stretch of getting very low rates on their money.

Right now, savers can get up to 4.55% in easy-access savings accounts and up to 6.1% in certain fixed bond accounts, according to MoneyFactsCompare.

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Source: LBC - 🏆 17. / 74 Read more »