MSE News: Halifax to hike standard variable mortgage rate for new borrowers 25 November 2010 at 5:28PM in Mortgages & Endowments 13 replies 3.6K views

Former_MSE_Guy

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

LilacPixie

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.

Thrugelmir

Though if you opt for a further fixed term product then you'll pay the new rate at the end of that term.

ILW

Do they know something?

Thrugelmir

ILW wrote: »

Do they know something?

Whose "they" ?

payless

ILW wrote: »

Do they know something?

yes they know charging base +3 is not enough.

danieljohncarter

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

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

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

In the past many banks had two SVRs.

zx81

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.