B&B mortgage rates climb 0.55%

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Bradford & Bingley has raised its mortgage rates by as much as 0.55% for new borrowers.

The move comes despite the Bank of England’s decision to keep interest rates steady at 5%. Rates for new borrowers will rise by between 0.05% and 0.55% from today, following announcements of high arrears and an £8m loss at the bank earlier this week. Other banks may also raise their rates next week as mortgage rates become further detached from the Bank of England’s base rate. Nationwide has already raised rates on some fixed-rate deals by as much as 0.3%. Among Bradford & Bingley’s buy-to-let-range range, all new fixed-rate deals will increase by 0.55%, while all new variable-rate mort...

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