Need to know: Mortgage rate hikes hit UK borrowers amid global uncertainty
- Two major high street lenders have announced further mortgage rate increases amid ongoing global uncertainty.
- Nationwide is raising selected mortgage fixed and tracker rates by up to 0.30 per cent, while Halifax is implementing rate increases on all fixed rate products from Tuesday. More banks are predicted to quickly follow suit.
- Stephen Perkins, managing director at Yellow Brick Mortgages, said: “Lenders continue to increase rates as the full economic impact of the Middle East disruption starts to bite.”
- Andrew Montlake, chief executive at London-based Coreco, warned: “It’s starting to look bleak for borrowers and people should not hesitate to lock into a rate if they are due to buy or remortgage in the summer months.”
- Omer Mehmet, managing director at Trinity Finance, concurred: “Never has it been more important for borrowers to lock into a rate.”
- David Stirling from Belfast-based Mint Wealth said geopolitical turbulence continues and these hikes demonstrate how nervous lenders are in the current market.
- Experts warn that rates won’t settle until global uncertainty does, with borrowers urged to plan around this reality.
READ THE FULL STORY: New Nationwide announcement and customers told ‘act now’