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 Eurozone crisis may affect mortgages, brokers say

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Join date : 2011-07-14

PostSubject: Eurozone crisis may affect mortgages, brokers say   Mon Nov 21, 2011 7:00 pm

Mortgage application form Lenders are facing pressure as a result of what is happening in the eurozone

Mortgage rates could start to rise again as a result of the turmoil in the eurozone, brokers are warning.

Some lenders, including Woolwich, Halifax and Santander, have pushed up their tracker rates for new borrowers.

This increase follows a rise in the rate at which banks lend to each other - Libor - which has been inching higher amid worries over the eurozone crisis.

The increase in Libor indicates that banks are less confident about lending to each other.

"It is a diluted version of what happened after the Lehman crisis," said David Hollingworth, from mortgage brokers London and Country.

"We could be seeing a significant reversal in rates. Over the summer mortgage lenders were competing harder with each other. Now that is changing."

Although the average tracker rate has hardly altered since the summer, there are straws in the wind which suggest that the direction could be shifting from down to up.

On Wednesday, the Chelsea Building Society put up the cost of some of its most competitive tracker mortgages by 0.2%.

In recent weeks, the Halifax raised its two-year tracker by 0.15% to 3.34%, while Woolwich increased the rate its trackers revert to after two years by 0.4%.

Santander pushed up its Abbey-branded lifetime tracker in two moves from 2.95% to 3.09%. Nationwide and ING have also raised some rates as well.

"Several lenders are edging up trackers," said Ray Boulger, of mortgage broker John Charcol.

What happened next "depends on how fast the euro crisis develops", he said.

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