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SELL YOUR HOME QUICKLYMore mortgage raises bludgeon cash-strapped home buyers
Bad news continues to dominate the headlines for first-time and other prospective home buyers in the UK. This comes amid confirmation that Halifax, Britain’s biggest mortgage lender, has increased its mortgage rates for the second time in as little as two weeks.
The increase came barely 24 hours after Prime Minister Gordon Brown met with senior banking officials in an attempt to convince them to lower their mortgage rates in accordance with the Bank of England's rate cut last week.
According to the Daily Mail, these two raises will cost desperate homeowners about £1,000 a year more on an average-sized loan.
Fears of a domino effect
Mortgage lenders have never been scared to jump onto the rate-hiking bandwagon, and this is no exception. Last week Alliance & Leicester also increased its rates, and then increased them again – only 72 hours later.
The other guilty party is Nationwide. The UK’s largest building society has increased its prices an unbelievable six times since the beginning of the year.