Press Release Summary: Lenders in the UK market have increased their lending margins in the wake of recent credit crunch and high bad debts.
Press Release Body: London (online-unsecured-loans) October 4, 2007: Over the last one week, at least nine lenders have raised their interest rates on unsecured loans in response to instability in capital markets and higher risk perception in the market.
Amongst the lenders who raised their lending rates are some building societies - Cheshire building society, Derbyshire building society, and Norwich & Peterborough Building Society. Other lenders like Goldfish, Bradford & Bingley and Northern Rock - the bank struggling to stay afloat in the wake of the global credit crunch - have also upped their loan rates by varying margins.
As Lisa Taylor, an analyst at one of the price comparison services firm summed it up: \"With increasing uncertainty in the financial markets, rising levels of bad debt and a year of interest rate rises putting pressure on our disposable incomes, it comes as no surprise to see lenders increasing their lending margins.\"
The mortgage lenders have already hiked their interest rates last month. Halifax and others including Abbey and Standard Life Bank raised their mortgage rates last month.
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