The anticipation of an upcoming rate rise was once again the focus in this weekend’s financial press.
The Bank of England has kept the base rate at 0.25% since August of last year, and it hasn’t risen at all since July 2007. It appears likely that this is about to change however, and this expectation has made its mark on the cost of funding.
Over recent weeks, lenders have been increasing rates across all Loan-to-Value brackets, said the Mirror, although experts were keen to highlight that there are still some very good deals available. The Sunday Times reported that an estimated 5million households are currently paying their lender’s Standard Variable Rate, and urged borrowers to act now or face a potential increase in their mortgage payments before Christmas.
The good news is that the market is certainly not dwindling, as last week brought the announcement that a new lender is to launch their first range of products at the beginning of next year. In The Guardian, brokers welcomed the news and talked of the hope that the new rates will be competitively priced.
What the papers said about new lenders and rate rises