UK Money News
6th June 2008
B&B raises rates on mortgages
Beleaguered lender Bradford & Bingley (B&B) has raised rates on its mortgage deals, it has been announced.
B&B has raised rates on a range of its offers by between 0.5 per cent and 0.55 per cent.
The new rates will come into effect as of today and have been introduced despite the Bank of England's decision to maintain the key base rate of interest at five per cent at its policy meeting yesterday.
Financial analysts attribute the move to B&B's recent problems, with the company recently issuing a profits warning which revealed that the company had fallen £8 million into the red during the first four months of this year.
The financial problems suffering by the firm has also forced to issue cash calls to its investors in a bid to restore its balance sheets, which have been hit heavily by the downturn in the property market.
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