Eight major UK lenders have increased mortgage rates across many home loans. Average fixed-rate deals keep rising, offering no relief to borrowers. The increases cover a wide range of home loan products.
The moves arrive before the Bank of England's next vote on interest rates. Inflation rose to 3.1 percent, adding further pressure to mortgage pricing. The Times and The Telegraph both reported the rises. Borrowers looking for new deals or renewals will face higher costs. Many households can expect monthly repayments go up.
The latest rise comes after several increases. Lenders are responding to market pressures. The outlook for mortgage rates is still uncertain. Homeowners with expiring deals see higher costs ahead. New buyers are hit as well. Rising costs put households under more pressure.