What the papers say - 28th and 29th September 2008

Money experts this weekend warned that time is running out on the decent remortgage deals and that hesitant borrowers need to make decisions quickly, before rates increase.  The Sunday Telegraph and the Mail on Sunday both reported that HSBC, Woolwich and Yorkshire Building Society announced rises of up to 0.5 percentage points on some of their mortgages on Thursday and that experts expect a torrent of lenders to follow suit. The Observer too, said that homeowners who decided to hold their nerve as rates slid from their July peak and tumbled fast in recent weeks could now have their hopes dashed as rates climb, following the recent tumultuous shocks to the financial system. The Sunday Times revealed that the mortgage logjam could last another two years and answered some common queries, trying to make sense of the recent turmoil. Elsewhere, the Financial Times revealed that mortgage lenders have started to reject applications from those plying their trade in the Square Mile who rely on large bonuses to fund their loans.

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