Mortgage mayhem as Barclays and TSB hike interest rates on home loans | Personal Finance | Finance [Video]

A number of major mortgage lenders have announced mortgage rate increases this morning in a breathtaking blow to first time buyers, home movers and buy to let landlords.

Barclays have increased a number of deals by 0.15 percent, and the TSB has increased rates across their residential and BTL ranges by up to 0.35 percent.

At the same time smaller increases were announced by Leeds BS and Clydesdale Bank by 10am this morning.

Mortgage brokers have slammed the increases, questioning whether they are justified.

The managing director of EHF Mortgages, Justin Moy, told Newspage: “It feels like one lender has blinked and the rest have followed.”

Mr Moy continued: “At a typically busy time for home buyers, higher mortgage rates are the last thing borrowers and the property market need. The year started on a high but now the mortgage and property market, much like the weather, is unseasonally bad.”

Katy Eatenton, Mortgage& Protection Specialist …