Britain's biggest lenders are punishing first-time buyers
by increasing the cost of their mortgages in a move which defies the Bank of
England's Governor, Mark Carney, who said they have "no excuse" not
to pass on recent interest rate cuts. When the Bank cut interest rates in
August to make lending cheaper, Mr Carney insisted the effect of lower rates
should be felt “immediately” in the economy. But major lenders including
Halifax, Tesco and Nationwide have raised the price of a number of popular
tracker mortgages, making them more expensive for buyers. Experts said banks
were "sneakily" upping rates to boost their own profit margins, at
the expense of consumers. It means already struggling first-time buyers are now
being attacked from all angles, as banks have also slashed rates offered on
savings and high-interest current accounts, making it more difficult for them
to save for a deposit. Read more on the Telegraph website.
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