Following a seemingly endless raft of ‘rock-bottom’ rates in 2016, increasing funding costs have led to lenders gradually beginning to bump up their prices. Experts in the financial press pointed to a 0.2% increase in the average cost of a home loan, and the expectation is that more lenders will begin to withdraw their cheapest deals over the coming weeks.
Those worried about rates rising should consider locking into a deal now, suggested brokers in the Times. Even those with 3-6 months left on their current deal can secure a new rate ahead of time.
Elsewhere in the weekend’s news, the Guardian reported on claims that a lack of new affordable homes for key workers is likely to lead to ‘financial and occupational segregation in the South-East’. Housing associations and councils are now able to apply for a share of a Govt fund to increase the supply of homes, and experts have stated that this cannot come quick enough.
What the papers said about the end of record low mortgages