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Lenders pass on cost of BBR rise

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  • 17/11/2003
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The majority of lenders have hit borrowers with the full 0.25% base rate increase announced by the B...

The majority of lenders have hit borrowers with the full 0.25% base rate increase announced by the Bank of England this month.

Commenting on the move, Jim White, managing director of Jim White”s Mortgage Solutions said: “Unfortunately it is not really surprising as it always seems to happen. When interest rates go up borrowers usually suffer while savers often do not benefit and vice versa when rates fall.”

White said the rate changes may provoke further market churn but that this was “merely a feature of a competitive market”.

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