Several banks and building societies have cut interest rates on home loans in recent weeks to try and drum up new businesses amidBut the rates banks use to work out how much they charge for fixed-rate mortgages have increased in the past few days, with brokers suggesting higher oil prices – with current costs now above $90 per barrel – could be behind this.
Samuel Mather-Holgate of Swindon-based advisory firm, Mather & Murray Financial added: “The mortgage price war is over.” Others have tempered this warning. Ashley Webb, an economist at Capital Economics has said that the organisation does not think the recent rise in oil prices will have a “big influence” on inflation, and therefore is still forecasting that rates will remain at 5.25 per cent.
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Source: Daily_Record - 🏆 9. / 89 Read more »