Latest Debt News
Rates increase on personal loan rates and monthly repayments
28/04/2008 14:18:00
As well as mortgage rate increases, rate for personal loans and monthly repayments have also gone up, states a financial expert.
Moneyfacts said that within the last two weeks the likes of Barclaycard, Lombard Direct, the AA, Natwest and Tesco Personal Finance have all pushed their selected rates upwards.
A spokesperson for the firm, said: "Since the beginning of the year more than half of lenders offering personal loans have made changes to their rates."
Black Horse has increased rates for those looking for smaller loans by as much as 11.0 per cent, which has added an additional £52.68 in interest during the past year, they said.
Research from Moneyfacts showed that the interest on its largest loans has gone up by 1.5 per cent, adding £1,015.20 to the total cost.
However, some lenders such as Moneyback Bank, Britannia BS, Yorkshire Bank and Clydesdale Bank have bucked the trend, reducing selected rates since the start of 2008.
Meanwhile, Moneyfacts recently warned mortgage shoppers that anyone looking for a high loan to value is going to have a much harder time now than they did six months ago.
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