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After base rate increases, Banks increase their mortgage rates

Date: 13 January 2007

Following the Bank Of England's rate increase by 0.25% on 11th January 2007, many of the major banks have already announced their mortgage rate increases.

For example, First Direct (member of the HSBC group) announced a rise in its variable rate from 6% to 6.25%. Furthermore, the fixed rate mortage rates also increased with, for example, a 3 year fixed rate mortage going for 5.59% (reverting to the standard variable rate of 6.25% after the 3 year period).

There are still some cheap discounted mortgages available but it is likely that these will be withdrawn and replaced in the next few days.

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