Sunday 26 March 2017

Rate rises are hard to swallow

Banks and building societies will start hitting homeowners with rises in mortgage rates as early as March. Those on standard variable rates will bear the brunt while those on tracker mortgages will have to hope the European Central Bank (ECB) delays any increases for as long as possible.

News of an imminent increase came on the same day that the Government appeared to concede that an inquiry into the causes of the near-collapse of the banking system is now warranted.

The two issues are as apposite as they are antagonising for the tens of thousands of customers who will feel they, either as mortgage or taxpayers, are now taking the full impact for the folly of others.

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