Eight major UK lenders have lifted mortgage rates on a range of products. Average fixed-rate deals are climbing, with no respite for borrowers. The increases cover a wide range of home loan products.
The moves take place 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 each reported the rises. Borrowers looking for new deals or renewals will face higher costs. Many households will see monthly repayments go up.
The latest rise comes after several increases. Lenders are reacting to market pressures. The outlook for mortgage rates remains uncertain. Homeowners with expiring deals face steeper payments. New buyers are also affected. Rising costs add to the strain on households.