Two of Britain’s leading lenders have increased their interest rates on mortgages despite the recent cut by the Bank of England. Nationwide and Alliance and Leicester increased rates on some of their fixed rate deals whilst withdrawing some of their other offers. Despite three interest rate cuts from the Bank of England since the start of December, Alliance &Leicester’s most recent increase comes just three days after their previous one.
Nationwide, meanwhile, has put its fees up by 40 per cent to £699, as well as increasing interest rates and withdrawing some of its best deals. Abbey and Woolwich had upped their fixed rates earlier in the week.
Banks have come in for heavy criticism for the increases in the wake of consecutive Bank of England cuts, though banks have defended themselves by claiming they are facing escalating costs in funding new mortgages.
Lenders Increase Loan Rates Despite Bank of England Cuts
Lenders Increase Loan Rates Despite Bank of England Cuts
Wed, 16 Apr 2008
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