LONDON, June 29 (Reuters) – Major British lenders on Thursday announced another increase in mortgage rates offered via brokers, pushing many products above the 6% mark in painful news for many homeowners and potential buyers.
Lenders have re-priced home loan offerings repeatedly in recent weeks in a scramble to keep up with soaring funding costs, spurred by expectations of more interest rate hikes from the Bank of England as it battles stubbornly high inflation.
Barclays (BARC.L), NatWest (NWG.L) and Virgin Money (VMUK.L) informed brokers that rates on many mortgage offerings will rise again on Friday, according to emails seen by Reuters.
Nationwide Building Society, another major lender, raised rates on products offered via brokers earlier on Thursday.
“As mortgage rates continue to rise, the property market is being pushed further towards a cliff edge and there’s no real help in sight,” mortgage broker Lewis Shaw of Shaw Financial Services said.
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Source: www.reuters.com
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