Despite the Bank of England keeping their rates on hold, High Street banks are raising their costs to boost their profits.
Nationwide Building Society first to increase their mortgage by 0.86 per cent
Several major high street lenders increased the rates on their fixed rates deals following the Nationwide Building Society raising costs up to 0.86 per cent, despite the Bank of England keeping interest rates at just 0.5 per cent, according to The Telegraph, June 16th 2009.
This has come as a major blow to the Property Market after finally reaching a turning couple months ago. Melanie Bien, of mortgage brokers Savills Private Finance, said:
“Home owners who are on a cheaper standard variable rate should hang on where they are while the rate is low.”
Jonathan Cornell, of mortgage brokers First Active Finance, said:
“If you move onto an SVR, you are probably going to have a cheaper monthly payment than if you fix now”
He then added:
“Fixed rates are going up and while you might enjoy being on an SVR for the next six to nine months, the whole experience is going to become more painful as we see interest rates begin to rise after that.”
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Good Blog post, you would think the greedy banks would have learnt their lesson and try to give something back to the tax payers who bailed them out.