Borrowers hoping for cheaper mortgage deals have been dealt a setback after major lenders raised rates on new products in recent days.
The increases affect new mortgage deals, meaning people looking to secure a fresh rate are facing higher costs than they may have expected. The shift is particularly significant for borrowers who had been waiting in the hope that rates would fall before making a decision.
Many now face a more difficult choice over whether to proceed with available deals or continue waiting. The change in lender pricing has left some borrowers with less certainty at a point when timing can be important for household finances.
The development underlines the pressure facing mortgage customers in a market where rate movements can quickly alter the options available. For those needing to arrange a new deal, the latest rises mean expectations of imminent relief have been disappointed.
The latest known position is that major lenders have moved rates upwards on new deals, leaving affected borrowers to decide their next steps in light of the changed pricing.
