Monday, 22 August 2016

First-Time Buyers Punished As Lenders 'Sneakily' Raise Mortgage Rates

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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