Cheap fixed-rate mortgages disappear as banks boost profits
Published ¤ 15/06/2009
Cheap fixed-rate mortgages have come to an end, experts have warned, as banks raise costs in a bid to boost their profits despite the Bank of England keeping rates on hold.
Exclusive research for The Daily Telegraph reveals that almost half of all fixed rate deals now charge 5 per cent or more despite the Bank of England keeping interest rates at just 0.5 per cent.
It comes after a week which saw several major high street lenders increase the rates on their fixed rates deals. For example Nationwide Building Society is raising costs by up to 0.86 per cent, which would add more than £6,000 to the cost of a £150,000 loan over five years.
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