Buy To Let Leader Increases Mortgage Rates Again
As Bradford and Bingley confirm that they have increased their mortgage rates for new customers, many in the market are beginning to wonder why the mortgage companies waited for the Bank of England to maintain interest rates and then ignored the decision. This is not the first time that the mortgage lenders in the UK have increased their rates while seemingly waiting to be prompted by the Bank of England.
While the mortgage rate increases are not enormous, they do continue the recent trend of rising rates and the apparent ever growing cost of money market finance. Recent events have added to the confusion felt by the public and the lack of really clarity in the market is doing the overall housing market no favours.
It now seems just a matter of time before the other mortgage lenders of the UK announce further increases in their rates. The government’s £50 billion asset swap program seems such a distant thought and in many cases we seem to be moving back to ‘square one’. Many are now asking whether the UK is moving towards another meltdown scenario in the money markets or is this just a short term blip in the overall recovery picture?
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