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  • FIRST POST
    • molerat
    • By molerat 7th Sep 17, 11:24 AM
    • 16,989Posts
    • 11,174Thanks
    molerat
    Halifax Changing Interest Rate Method To +BoE
    • #1
    • 7th Sep 17, 11:24 AM
    Halifax Changing Interest Rate Method To +BoE 7th Sep 17 at 11:24 AM
    Not that it will affect me but .........

    Just had a letter from Halifax stating that they are changing their charging method to linked to BoE rate. I now have a personal rate of 18.7% plus a BoE rate of 0.25%. Obviously no change to my current 18.95% but as interest rates are likely to head North in the near future will make a difference to some. A 0.25% rate rise is roughly 20p per 1000 per month.
    www.helpforheroes.org.uk/donations.html
Page 1
    • EarthBoy
    • By EarthBoy 7th Sep 17, 12:43 PM
    • 1,736 Posts
    • 1,048 Thanks
    EarthBoy
    • #2
    • 7th Sep 17, 12:43 PM
    • #2
    • 7th Sep 17, 12:43 PM
    Halifax could raise their interest rate anyway, whether or not they link it to the base rate.
    • zx81
    • By zx81 7th Sep 17, 12:48 PM
    • 13,151 Posts
    • 13,454 Thanks
    zx81
    • #3
    • 7th Sep 17, 12:48 PM
    • #3
    • 7th Sep 17, 12:48 PM
    That's true, but it saves them having to send out a notice of variation.

    You won't be able to opt of increases cause by the BoE rate changes, as it's effectively a variable rate.
    • ManAtHome
    • By ManAtHome 7th Sep 17, 1:06 PM
    • 8,168 Posts
    • 5,300 Thanks
    ManAtHome
    • #4
    • 7th Sep 17, 1:06 PM
    • #4
    • 7th Sep 17, 1:06 PM
    Thought they'd done this a few years back?
    • zx81
    • By zx81 7th Sep 17, 1:08 PM
    • 13,151 Posts
    • 13,454 Thanks
    zx81
    • #5
    • 7th Sep 17, 1:08 PM
    • #5
    • 7th Sep 17, 1:08 PM
    They've been doing it for around 4-5 years now. I'm surprised they're still working their way through the accounts.
    • Heng Leng
    • By Heng Leng 7th Sep 17, 5:22 PM
    • 4,100 Posts
    • 1,254 Thanks
    Heng Leng
    • #6
    • 7th Sep 17, 5:22 PM
    • #6
    • 7th Sep 17, 5:22 PM
    My Clarity changed to this before the last BOE base rate cut, so it effectually benefited me (by 0.25%)

    Not that I actually borrow with it either, other than a few pence for ATM usage abroad.
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