Mortgage Lenders Increase Interest Rates
22/04/2008Some of the UK leading mortgage lenders have increased their interest rates, as the Bank of England rate has dropped to 5%.
With bank funding difficulties for new loans and mortgages Abbey and the Halifax have increased their rates by up to 0.5% on new products. With existing lenders being passed on the rate cut if they have a tracker loan or mortgage.
The Bank of England has tried to ease the funding crisis by making 50 billion available to the UK market. And Gordon Brown has urged the banks to pass on all of the rate cuts so borrowers can benefit from the Bank of England's decision.
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