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The Bank of England reports the mortgage rates may increase in 2012 .
In its Financial Report released today the Bank says wholesale funding costs will rise leading to higher mortgage rates. At the beginning of the financial crisis, when funding costs increased banks were extremely slow in updating the price of new mortgages. and the results remained negative for around a year. This implies it may be during the year of 2012 that any significant increase in bank's lending rates. While credit availability was reported to have increased slightly in 2011 Q3. particularly for high LTV mortgages, subsequent market intelligence suggests that, as with corporate lending some banks may be starting to pass on higher funding costs to mortgage customers through higher prices."

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