Interest rates rise drives mortgages up
Nov 20, 2006
Since the Bank of England increased the base rate to five per cent last week, 29 direct mortgage providers have increased their standard variable rates, according to research from price comparison service Moneyfacts.
Most lenders had opted to pass on a full quarter point interest rate increase to their customers, with only two opting for a 0.24 per cent rise.
The list of mortgage lenders that had increased their rates included two of the larger lenders, the company said, which suggested that it wouldn't be long before more lenders followed their lead.
Moneyfacts said that the dust had barely settled in the world of mortgages since the last base rate rise three months ago and now consumers had to brace themselves to pay out more.
With many mortgage holders finding their monthly repayments more expensive and eating into savings, some may choose alternative methods such as personal or secured loans to finance larger purchases.
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