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Mortgage rates rise ahead of base rate announcement

4 March2009

One mortgage lender has raised its mortgage rates, with other lenders expected to follow, ahead of this week`s base rate announcement by the Bank of England, The Times reports.

Woolwich has increased its fixed and tracker rates by up to 0.3 percentage points, citing an increase in the wholesale cost of funds for mortgages in the past few days. It also claimed that an increase in demand had led it to up its prices in order to maintain a manageable level of business.

With the Bank of England set to announce its base rate decision on Thursday, there has been speculation as to how mortgage lenders would respond to a further cut. Following the last base rate cut, several lenders announced that their rates would be unlikely to change if the base rate fell any further.

A mortgage expert for Think Money said: "It remains to be seen what impact any further changes to the base rate will have on mortgages, but as it stands mortgage rates are generally lower than they have been in years. Now could be a good time for first-time buyers or people looking to remortgage - provided they can find a deal."

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Tags: mortgage, mortgages, mortgage rates, base rate, mortgage interest rates, fixed rate, variable rate, fixed rate mortgage, Bank of England, base rate cut

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