Mortgage is going to cost more very soon
Banks and building societies are increasing the rates on their mortgages as the era of rock-bottom interest rates finally comes to an end around the world.
This week one building society, Skipton, increased rates on some mortgages by 0.37 percentage points while another mutual, West Bromwich, scrapped its market-leading 10-year fix, which charged just 2.59pc.
Riskier first-time-buyer mortgages have also been affected. Virgin Money, previously one of the cheapest lenders in this area, has already increased the cost of several of its mortgages for borrowers with 5pc deposits by up to 10pc.
Commentators say it is a matter of when, not if, the cost of borrowing to buy a home increases. Here’s why.
Why will rates rise?
The interest rates paid by British mortgage borrowers are s...