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Mortgage rates may rise from eurozone crisis

It seems that the low mortgage rates may change. After 3 years of low mortgage rates, analysts are reporting they may rise due to the so-called eurozone crisis, which has seen protests and unrest in recent months.  Yet the Bank of England is planning another reduction!

Bank of England

The changes may occur with Banks offering incredible packages ahead of the crisis. All this despite the Bank of England base rate remaining at its 0.5 per cent record low and considering a reduction to another cut to base rate. The Bank of England is already known to be considering dropping rates to a new record low of 0.25 per cent following the publication of the minutes from its September meeting this week.

Mortgage rates may rise from eurozone crisis

This month will see a series of meetings and important data releases which will go a long way to deciding the future of Europe’s troubled currency union and will no doubt impact the UK banks.

It’s presumed that the European discussions could push Britain’s rock-bottom mortgage rates upwards, borrowers are being warned. Private bank Barclays Wealth today became the first lender to make a major move, pushing its best tracker rates up by as much as 1.5 percentage points for new borrowers.

posted by Zane in Lending,Mortgage and have No Comments

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