The Times - Mortgage misery looms as Britain’s biggest lenders raise rates

Anyone whose mortgage deal is coming to an end should lock in a new one now after high street lenders raised their rates.

Barclays, Santander and TSB confirmed rate rises on Monday after UK bond yields hit an 18-year-high last week. Other banks are expected to follow suit in the coming days.

Aaron Strutt from the broker Trinity Financial said homeowners whose deals were soon to expire should bag a new rate now. You can usually lock in a rate four months to six months before yours expires but still switch if a cheaper deal comes up in the meantime.

Mr Strutt said: “Small rate increases can add up. If you hold off taking a mortgage and the rates go up in the following days, even marginally, you would end up paying hundreds of pounds more each year just because you didn’t do something a few days earlier.”

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