Lenders are expecting a surge in demand for fixed-rate mortgages after inflation rose by the fastest rate on record last month.
Experts warned that the cost of borrowing could soon increase as the CPI measure of inflation jumped to 3.7% in December, up from 3.3% the previous month, the Times reports. Borrowers looking to protect themselves against future interest rate rises have been urged to act quickly with banks and building societies expected to increase their prices on new deals. A number of lenders, including Skipton Building Society and Northern Rock, have already increased the cost of fixed rate deals within the past week and others are expected to follow in the coming days. First Direct has withdra...
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