MSE News: 40,000 Halifax mortgage holders at risk of payment hike

GB350

Credit-Crunched wrote: »

Having read this thread I am somewhat confused around peoples shock that a 'variable' mortgage has gone up?

When you took out this mortgage and knew it would revert to a SVR then you should accept that a standard VARIABLE rate may vary?

If you required the certainty of knowing that your monthly payments will remain the same then you could have easily switched to one of their FIXED rate mortgages.

You have enjoyed the benefit of insanely low mortgage rates over the past 2 years and now the balance is shifting slightly.

Heaven forbid how you will cope when BOE decides its time to look at the base rate and start moving it northwards.

People need to take stock of their own ability to plan for future occurances when taking on such a huge liability as a charge secured against their home and have the cushion to absorb such rises. If this is hitting you hard now, I suggest you sell up and downsize as this is just the start.

You are missing the point completely I'm afraid. Its not about the SVR... it's about the cap on the SVR which was set at 3% above BOE base rate back in October 08. This should have guaranteed people coming off of fixed rate deals that the SVR which they then moved onto was fixed unless the BOE decided to raise rates. As there is no sign of them doing this in the near future , Lloyds/HBOS & RBS have decided to move the goalposts themselves. The 3% margin above base is more than enough for them to turn a tidy profit on their lending and to raise this margin at a time when so many people are struggling to make ends meet is nothing short of corporate greed. I'm personally sickened with how they are allowed to get with this underhand tactic.....

Thrugelmir

GB350 wrote: »

Thrugelmir you are as useful to these forum pages as the guy walking up and down the street with the sandwich board tied to his front and back reading "The end of the world is nigh ". If you have nothing constructive or statististically relevant to add then please refrain from commenting..................

Just add to me your ignore list.

I shall be doing likewise.

cumbrianlady

It might also have been less worrying if that is possible, if Halifax could have answered some questions yesterday, instead of just saying, 'at the moment this is speculation - we do not know how they have got hold of this, a statement will be issued tomorrow' ie today.

Today the answer phone with the message' all those affected will be notified before the end of April' this service is closed..

Not everyone is able to work out the increases themselves lots of people are in a mess over this.
After all this has been on the cards for some time, so why could they not have been more up front.

Yea I know cuckoo land I live in.