including HSBC, Barclays and NatWest will up their rates from tomorrow, amid concern that the Bank of England will not lower interest rates until August.
Brokers have said the rate increases are down to the rise in swap rates – a type of lending rate that has a large bearing on fixed-rate mortgage costs. It followed inflation figures revealed last week showing it was falling more slowly than expected, to 3.2 per cent in March. Aaron Strutt of Trinity Financial, said: “Many borrowers have been hoping rates are going to come down but it doesn’t seem to be happening. There are such mixed messages coming from the Bank of England that most people have no real idea what the Monetary Policy Committee are going to do.”“It’s not a radical shift but its enough to make lenders think about pricing.
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