Scramble for the last of the super-cheap mortgages

Banks are hiking mortgage prices as often as twice a week leaving borrowers racing to lock in deals before costs rise further. Lenders are seeing surging demand if they suddenly become one of the cheapest firms on the market after rate rises by rivals. "If they become the cheapest on the market, they are increasing rates by large enough margins to appear unattractive for a time so that they can maintain service levels," Nick Morrey, from the mortgage broker Coreco, said. "In previous years we have seen a 'race to the bottom' as lenders tried to attract new borrowers, but now the property market is so strong that they are struggling to process the sheer volume of applications." 

The Sunday Times (10/07/2022)