Recently, Abbey and Woolwich, two of the country’s largest lenders, increased the cost of their mortgage rates. Abbey has blamed the increasing cost of swap rates, or inter-bank loans. The news came just days after Abbey, Halifax and Nationwide actually cut their rates.
Now Glynn Bartley, director of Taylor Patterson Wealth Management, Preston, is calling on the Government to offer mortgage lenders some kind of incentive to help house buyers.
He said: “Many in the industry thought we would see some relief after some of the banks cut their rates, but in the end we are back where we started – with increasing rates for fixed mortgages, and no light at the end of the tunnel.
“I would like to see the Government step in and offer some sort of incentive for lenders to reduce their fixed rate mortgages, as the mortgage and housing market is just as important as the banking sector which is regularly propped up and supported.”
