The changes, the lender confirmed, reflects the recent widening of funding costs in the capital markets.
Most of Mortgages plc’s fixed rates will increase by a minimum of 0.75 per cent with some higher risk products increasing by greater than 1 per cent, with effect from 21 August. Full product and pricing details will be available via the company’s website.
Ian Whittaker, marketing director at Mortgages plc, said: “This pricing adjustment will come as a surprise to no-one. Recent changes in the global capital markets mean that most lenders are reviewing their pricing and Mortgages plc is no exception.
“I would like to stress, however, that although Mortgages plc is adjusting its pricing, we are not withdrawing from areas of the market and remain fully committed to being a leading player in the UK non-conforming mortgage market.”
