Bradford & Bingley announce hike in lending rates
Bradford & Bingley have announced a hike in their lending rates for standard mortgages, self cert and buy-to-let mortgages.
The news that Bradford & Bingley are to increase rates comes after Abbey also hit out increasing their rates by 0.26%, however, B&B are looking at a figure that is to be anywhere between 0.05% and 0.55% for some of its mortgages.
Those with Self Certification Mortgages are likely to feel the pinch of the increase in rates at this time.
Bradford & Bingley have said that this is part of their normal business activity, but this has seen them reprice all of their mortgages on a monthly basis for the past year and a half. This comes after the announcement that B&B have racked up an £8 million pre-tax loss from January to April of this year, which adds to the £89 million from the credit crunch squeeze and then £36 million from increasing arrears.
All lenders are feeling the crunch, but there are still some very good and competitive rates available and being self cert doesn’t mean that you are not going to be able to find one. Mortgage Brokers have the niche in that they can search the whole market to find exactly what is right for you and at a rate that reflects suits you.
