Eight major UK lenders have raised mortgage rates on a range of products. Average fixed-rate deals keep rising, leaving borrowers with no relief. The increases cover a wide range of home loan products.
The moves take place before the Bank of England's next vote on interest rates. Inflation rose to 3.1 percent, putting extra strain on mortgage pricing. The Times and The Telegraph carried reports on the rises. Borrowers looking for new mortgage terms or renewals will face higher costs. Many households are set to see monthly repayments go up.
The latest rise adds to a series of hikes. Lenders are pricing in market pressures. The outlook for mortgage rates remains uncertain. Homeowners with expiring deals face steeper payments. New buyers are hit as well. Rising costs put households under more pressure.