Eight major UK lenders have lifted mortgage rates across many home loans. Average fixed-rate deals keep rising, with no respite for borrowers. The increases affect 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, putting extra strain on mortgage pricing. The Times and The Telegraph both reported the rises. Borrowers looking for new deals or renewals will face higher costs. Many households can expect monthly repayments go up.
The latest rise adds to a series of hikes. Lenders are pricing in market pressures. The outlook for mortgage rates is still uncertain. Homeowners with expiring deals see higher costs ahead. New buyers face the same pressure. Rising costs increase the burden on families.