Eight major UK lenders have lifted mortgage rates on a range of products. Average fixed-rate deals keep rising, leaving borrowers with no relief. The increases cover a wide range of home loan products.
The moves come ahead of the Bank of England's next vote on interest rates. Inflation rose to 3.1 percent, heaping more pressure on mortgage pricing. The Times and The Telegraph each reported the rises. Borrowers looking for fresh deals or renewals will face higher costs. Many households will see monthly repayments go up.
The latest rise follows a string of increases. Lenders are reacting to market pressures. The outlook for mortgage rates remains uncertain. Homeowners with expiring deals face steeper payments. New buyers are hit as well. Rising costs add to the strain on households.