Business
Borrowers expecting mortgage rates to drop have hopes dashed
Major lenders have raised rates on new deals in recent days, leaving many borrowers needing to make a decision.
BBC Business•
Nearly all the major mortgage lenders in the UK have announced increases in the cost of home loans in recent days.
Analysts are uncertain over whether there are more to come, but are urging people who need to find a new deal to act now.
Someone whose five-year deal is coming to an end faces paying more than £5,000 more a year on their next deal under a typical rate, if they borrow the same amount of money.
More recently, UK government borrowing costs have been rising, which has a knock-on impact on mortgage rates. That pressure has been maintained in the latest sale of debt by the UK on Tuesday.