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MSE News: Halifax to hike standard variable mortgage rate for new borrowers

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Former_MSE_Guy
Former_MSE_Guy Posts: 1,650 Forumite
I've been Money Tipped! Newshound! Chutzpah Haggler
in Mortgages & endowments
This is the discussion thread for the following MSE News Story:

"The government-backed bank's SVR for new customers will rise from 3.5% to 3.99% on 4 January ..."
Read the full story:
Halifax to hike standard variable mortgage rate for new borrowers

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Comments

  • LilacPixie
    LilacPixie Posts: 8,052 Forumite
    Hmm I wonder if this could affect me?? we move in 2 weeks, formal offer received but solicitor has not yet applied to draw down funds. I think we will just miss it as our deal ends December 2012.
    MF aim 10th December 2020 :j:eek:
    MFW 2012 no86 OP 0/2000 :D
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Though if you opt for a further fixed term product then you'll pay the new rate at the end of that term.
  • ILW
    ILW Posts: 18,333 Forumite
    Do they know something?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ILW wrote: »
    Do they know something?

    Whose "they" ?
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ILW wrote: »
    Do they know something?

    yes they know charging base +3 is not enough.
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • danieljohncarter
    danieljohncarter Posts: 1 Newbie
    LilacPixie wrote: »
    Hmm I wonder if this could affect me?? we move in 2 weeks, formal offer received but solicitor has not yet applied to draw down funds. I think we will just miss it as our deal ends December 2012.
    Hi,

    I work for Halifax, if you do your mortgage application before the 4th of Jan 11 then your SVR rate be at 3.5%, any applications after the 4th Jan will be 3.99% SVR.

    Dan
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    danieljohncarter wrote: »
    Hi,

    I work for Halifax, if you do your mortgage application before the 4th of Jan 11 then your SVR rate be at 3.5%, any applications after the 4th Jan will be 3.99% SVR.

    Dan

    And then move onto the new rate soon after thats what SVR means standard VARIABLE rate..

    Any loan that reverts to SVR will be at the rate preavaling at the time of reversion NOT the rate when they took out the loan.

    I how you are not in a customer advisory possition.
  • Noble_Savage
    Noble_Savage Posts: 137 Forumite
    getmore4less wrote: »
    And then move onto the new rate soon after thats what SVR means standard VARIABLE rate..

    Any loan that reverts to SVR will be at the rate preavaling at the time of reversion NOT the rate when they took out the loan.

    I how you are not in a customer advisory possition.

    I think danieljohncarter was right, actually.

    The way I read it is that anyone applying for a new mortgage from 4 January 2011 will eventually revert to the new Homeowner Variable Rate.

    Existing borrowers - and those who applied for their mortgage before 4 January 2011, will revert to Halifax's original SVR.

    @getmore4less - feel free to apologise to danieljohncarter as you see fit.
  • ILW
    ILW Posts: 18,333 Forumite
    In the past many banks had two SVRs.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ILW wrote: »
    In the past many banks had two SVRs.

    Nationwide are similar - they have the BMR (the nice low one that older mortgages revert to) and the higher SMR that more recent mortgages go to.

    Hurray for being old. :)
This discussion has been closed.
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