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Lenders Pass Latest Rates Increase On To BorrowersLenders moved swiftly yesterday to pass on the quarter-point rise in interest rates announced by the Bank of England’s Monetary Policy Committee on Thursday. The Portman, the building society recently taken over by Nationwide, Lloyds TSB and Cheltenham & Gloucester, were among those leading the way. The three have shifted their standard variable rates to between 7.74 and 7.75 per cent, making them among the most expensive on the market. Egg, the online bank acquired by Citigroup in May, took the opportunity to bring its rate in line with the rest of the market, raising it by 0.45 per cent. There were also hints of the pain to come for the 750,000 borrowers due to come off fixed rates in the next six months. Bank of Ireland has withdrawn all its fixed-rate deals with immediate effect. &&&§ionName=MoneyMortgages,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Business big shot: Roger Carr Cheap mortgage era ends with interest rate riseBirmingham Midshires, an arm of HBOS, the bank, said that it was withdrawing four such products, including a three-year fixed rate offering at 5.39 per cent. A spokesman for the lender said that the move had nothing to do with the base-rate rise as fixed-rate mortgage rates are based on rates prevailing in the interest rate swaps market. James Cotton of London & Country Mortgages, a broker, said: “Fixed rates tend to rise before base rates, if people think they are going up. Given that Thursday’s move was a dead cert, lenders were already moving their rates.” As borrowers started to feel the impact of the rate rise, mortgage brokers said that an increasing number of home buyers were struggling to raise the traditional 10 or 15 per cent deposit for a new home. Mel Bien, of Savills Private Finance, a broker, said: “First-time buyers are stretching themselves as far as they can and as house prices go up there is constant pressure on them.” Mr Cotton said: “Deposits have been shrinking and the market for 100 per cent mortgages has grown.” Tag CloudExternal InformationAdditional InformationE-Commerce Report: Online Fantasy and Real Money in Fishing...Market Values: Not Everyone Is Cheering Lower Rates... World Business Briefing | Europe: Britain: Luxury Home Prices Rise... Citigroup to Cut 17,000 Jobs and Move 9,500... Where Am I?News Main Page - Business - Lenders Pass Latest Rates Increase On To Borrowers |
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