Eight major UK lenders have lifted mortgage rates on a range of products. Average fixed-rate deals are climbing, leaving borrowers with no relief. The increases extend across 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, heaping more pressure on mortgage pricing. The Times and The Telegraph each reported the rises. Borrowers looking for fresh deals or renewals will face higher costs. Many households can expect monthly repayments go up.
The latest rise comes after several increases. Lenders are reacting to market pressures. The outlook for mortgage rates is still uncertain. Homeowners with expiring deals will pay more. New buyers face the same pressure. Rising costs add to the strain on households.