Mortgage rates up for UK homeowners due to Euro Zone crisis
There are very much chances that the people who are homeowners would have to pay a high rate of interest if in case no conclusion of the euro zone summit comes out and no resolution are come out with. Although it is true the Monetary Policy Committee has fixed the rate of the banks on 0.5 percent but it would be better if the home owners do not keep on this thinking that it would remain the same. The lenders here do not have much of a role to play in this matter.
From the past few weeks, the rate of the mortgage is going up high on a slower pace but there are very chances that in case no result of the euro zone summit comes out then the rate of interest of the mortgage are going to go up on a faster pace than what it is now.
Just in a past few months, both ING as well as Nationwide had done an increase on the rates of the mortgage on the deals that have been selected by them. Apart from this, even Chelsea Building Society had also done the same thing a few days ago. For instance, the rate of the two year tracker had gone up by to 1.89 percent from 1,69percent. Both these figures were more than the rates of the banks. Apply at same day loans no credit checks @ http://www.samedayloansnocreditchecksuk.co.uk/ and get finance in less time.
The main reasons behind the increase in the rate of mortgage that are being considered are the rates of the wholesale market. The rates here have gone up quite high because of fear that the market may get collapsed due to the euro zone crisis that is prevailing till now as well. Contrary to be belief not the rates of the bank but the rate of the wholesale market are what determine the fixed-rate mortgage deals as well as the trackers.
Most of the money lenders as far a small portion of their lending are concerned, they take into account the rates of the wholesale market instead of anything else. From the past few months, the whole market is very much concerned with this euro zone crisis that has been on from past quite some time now as it is proving to a be a little harmful. In addition to this, due to this very thing the rate that is the cost of borrowing has also gone up high due to this very thing in addition to other things as well.
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