End of cheap mortgage boom as big banks raise rates

‘Banks and building societies will begin to withdraw their best mortgage deals next week as home owners scramble to beat the rise in interest rates this winter.

Two of Britain’s biggest lenders, Barclays and Santander, are planning increases for Monday and Tuesday that will add hundreds of pounds to the cost of new loans, The Telegraph understands.

Experts warned of a “domino effect” as rival banks pull their most attractive offers to avoid being deluged with applications for fixed rate deals.

It comes as new figures show the number of people remortgaging has risen by a fifth, with families switching from variable rate mortgages as the era of rock-bottom interest rates nears its end.’

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