Predictions for an imminent rise in interest rates continued this weekend, with the Times and Sunday Times warning homeowners sitting on their lender’s Standard Variable Rate not to hold off any longer.
Several lenders, including high street banks, have already begun to increase their rates in anticipation of the rise, and brokers warned that the domino effect can quickly pick up speed. Those that can should be reviewing their options now, before the current crop of low rates disappears.
In the Buy-to-Let market, there was further coverage of the rule changes for portfolio landlords, which have now come into effect. Experts in the Mail on Sunday suggested that this type of investor is likely to find a more limited choice of lender available to them now, but an increased amount of work to be done to secure a new mortgage.
Experts expressed concern that the new rules could result in more landlords becoming mortgage prisoners with their existing lender, and particularly those with a number of properties.
What the papers said about base rate predictions and Buy-to-Let woes