Mort­gage rates are set to rise

Yorkshire Post - Property - - PROPERTY -

THE Bank of Eng­land has warned that the cost of bor­row­ing is set to in­crease over the com­ing months.

The Bank’s quar­terly credit con­di­tions re­port also re­vealed mort­gage avail­abil­ity for bor­row­ers with small de­posits would “de­cline markedly”, with lenders ex­pected to be­come tougher on scor­ing cri­te­ria ahead of mak­ing loans avail­able.

Lenders have been in­creas­ing rates in re­cent months, blam­ing the weak econ­omy and ris­ing costs, leav­ing more than a mil­lion cur­rent home­own­ers fac­ing in­creased mort­gage rates.

Ac­cord­ing to the re­port, in the three months to the end of May, the pro­por­tion of mort­gage ap­provals fell “sig­nif­i­cantly”.

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