Lending money has always been on the list of people, be it for buying a home or a car or an emergency. The lenders too have to keep up their profit margins and at the same time offer competitive interest rates to stay ahead of the competition. Amidst all this, 3 of the leading UK lenders have raised their interest rates.
3 banks namely Bradford & Bingley (B&B), the Co-operative Bank and First Direct have raised the cost of their fixed-rate loans. The rate at which borrowers borrow money from the lenders is constantly rising and hence the banks have decided to make this move.
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First Direct has raised its 2 year fixed mortgage rate to 6.15% from the past 0.16%. While the Co-operative Bank has raised its 3 year fixed mortgage by 0.7% and the 5 year fixed rate by 0.9%. Meanwhile Bradford & Bingley has increased its fixed rate mortgage between 0.5% and 0.7%.
The variable mortgage loan has gone up by 0.1% and the interest rate on fixed-rate self-certification mortgages has increased by 0.95%. Even the interest on buy to let loans has risen by 0.3%.
Every person wishes to own a home and this is not possible without a mortgage. The lenders now decided to raise the interest rates, which leaves the borrowers with 2 options; either to wait for the rate to come down or to pay the high rates.
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