Mortgage profits for lenders hit record high
Wed, 26 Aug 2009
Mortgage lenders are hitting record profits on fixed rate mortgages as the gap between the cost of the lending for the bank and the mortgage rate paid by its customers hits a 21 year high.
Despite rates being at their lowest levels this centaury and mortgage costs falling, lenders are increasingly raising rates on their fixed-rate mortgage products . Banks are facing growing criticism, and are being pressured to lower their margins and borrowing costs for individuals.