Press & PR

Lenders in the UK continue to increase the costs that they require of borrowers, according to one price comparison site.

Moneyfacts.co.uk states that with credit conditions tightening, lenders are increasingly pushing interest rates upwards – and the trend is not occurring in mortgages alone but also in the personal loans sector.

A spokesperson for the company remarks: "Since the beginning of the year more than half of lenders offering personal loans have made changes to their rates."

Companies identified as having revised their rates upwards include Barclaycard, Lombard Direct, the AA, NatWest and Black Horse.

However, consumers will be glad to hear that some lenders are reducing rates, bucking the general trend.

The likes of Yorkshire Bank, Britannia Building Society and Moneyback Bank have all reduced the cost of borrowing for their customers, providing what may be welcome relief in tight financial conditions.

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The company is committed to providing savings on the costs of staying in touch, with cheap call solutions available using broadband internet phone services.