High street banks are increasingly hiking mortgage rates for borrowers with large deposits, significantly impacting wealthier homeowners. Recent inflation data showed a rise in the consumer price index to 3.5%, up from 2.6%, which has raised concerns among lenders about the expected pace of interest rate cuts from the Bank of England. Consequently, nine lenders have adjusted their fixed-rate mortgage deals, primarily targeting high-equity borrowers. This shift could add hundreds of pounds to annual remortgaging costs, particularly for those with at least a 40% deposit, while first-time buyers remain mostly unaffected.
High street banks have begun hiking mortgage rates for borrowers with large deposits in response to stubborn inflation, affecting wealthier homeowners' remortgaging costs.
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