We’re losing money on our equity investments, the cost of food is going up, energy bills have gone up and now the cost of a fixed rate mortgage is also on the up. Banks and Building Societies have had no choice but to increase the interest on fixed rate deals as the cost for them to borrow money in the wholesale markets has gone up by over 0.3%. (more…)

The Bradford & Bingley, Co-operative bank and First Direct have today raised the cost of their fixed rate mortgages as Banks find it increasingly difficult to raise finance to fund mortgage deals. The Co-op saw the biggest rise as they increased their rates between 0.7% and 0.9%. The move by these three banks now takes the average cost of a fixed rate mortgage to over 7%. (more…)