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The cost of fixed rate mortgages increase


Halifax and Cheltenham and Gloucester have announced that they will increase the cost of their fixed rate mortgage deals.

The two lenders who are part of the Lloyds Banking Group have taken all their fixed rate deals off the shelf and are planning to introduce more expensive deals.

Industry experts have predicted that the increase in rate will be between 0.3 and 0.7 per cent.

This increase will urge other lenders to do the same by hiking up their fixed rate deals and it has been predicted that Abbey will be the next lender to increase their rates this week.

David Hollingworth, from London & Country Mortgages commented: "This move by Lloyds is only compounding the established trend of fixed rates heading upwards. Borrowers should realise that they do not have the luxury of waiting on a low standard variable rate for too long if they want to secure a cheap long term fix."

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