Several banks announced this week that they would be raising the rates on their secured loan rate UK options. In some cases, interest rates on these secured loan rate UK loans have gone up almost 2% and the climb does not appear to be stopping any time soon. Government officials have called on banks to offer lower secured loan rate UK plans, but so far, not many have responded. In many cases, banks are simply removing their secured loan rate UK plans from their rosters. Nationwide was one of the latest banks to announce a secured loan rate UK rate hike, followed closely by several other top banks. The trend is expected to continue for at least two more years.Nationwide’s head of mortgages, Matthew Carter, said: “These changes will allow us to maintain control of the volume of business the society is attracting, while enabling us to continue offering our full range of mortgages to our existing members in a controlled and prudent way.”"This doesn’t bode well. The impact the scheme has this week on the mortgage market will influence next week’s interest rate decision,” said Ray Boulger, senior technical manager at broker John Charcol.
Related reading: Secured Loan Rate UK
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