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Article: Millions of Britons face higher mortgage costs.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- June 11, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON: Millions of British homeowners face sharply higher mortgage costs with big banks and regional building societies raising rates and tightening lending criteria as a global financial crisis feeds through to consumers.
Some of Britain's leading lenders, including HBOS, Nationwide and Lloyds TSB, increased interest rates on their main products this week, continuing a trend among the big names in recent months.
Smaller lenders are also restricting lending and withdrawing products at an unprecedented rate.
The message is clear: lenders want to scale back asset growth and only deal with the most credit worthy customers, in stark contrast to the relaxed lending in ...