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MSE News: Will lenders follow the Halifax and RBS mortgage rate hikes?

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MSE News: Will lenders follow the Halifax and RBS mortgage rate hikes?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
27 replies 4.9K views
Former_MSE_HelenFormer_MSE_Helen
2.4K posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
This is the discussion thread for the following MSE News Story:

"As one million+ borrowers face rate jumps, what chances other lenders following the Halifax and RBS rises? ..."
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  • wymondhamwymondham Forumite
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    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
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    probably quite high I would imagine - RBS are the bad boys and first so all those that follow can sneak their rises through saying 'its the market' etc...
  • I have a mortgage with Kensington Mortgages and they've already hiked their standard variable rate THREE times over the past 2 years! Pretty certain that they will be one of the lenders to 'follow' in the footsteps of the Halifax...

    Halifax says that an increase in its standard variable rate from the current 3.49% to 3.99% would add £16 a month for those with around £70,000 still left in their mortgage, or £24 a month for those with £100,000 left. What I would be interested to find out is the proportion of their customers with outstanding balanaces as little as £70-100k... Probably close to ZERO in London, which means that the monthly repayment hikes will be even higher there...?
  • Quick question

    My sister didn't go onto a standard variable rate after her initial period , she is with BM and went onto BOE base rate + 1.75% (it was a self cert deal)

    So can BM just up that 1.75% figure whenever they want?
  • skapsskaps Forumite
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    Will this effect people who are currently on Halifaxs svr or is this only going to effect new customers?
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  • ThrugelmirThrugelmir Forumite
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    skaps wrote: »
    Will this effect people who are currently on Halifaxs svr or is this only going to effect new customers?

    All customers on SVR both old and new.

    Halifax have also allowed themselves room to raise SVR another .25% if they wish.
    “Buy value, not market trends or the economic outlook. Individual stocks determine the market, not vica versa." - Sir John Templeton
  • skaps wrote: »
    Will this effect people who are currently on Halifaxs svr or is this only going to effect new customers?

    Both from what I gathered from the forums and ringing halifax earlier, so if you were on a fixed expecting to go to the 3.5 in the near future (or on a lower svr right now), it will now be going to the 3.99.
  • brit1234brit1234 Forumite
    5.4K posts
    Santander has just joined them, I reckon more will follow as all the banks have pretty much borrow at the same rates.
    Millions face higher mortgage bills as Santander joins NatWest and Halifax to raise rates

    Millons of mortgage holders are set to face higher bills after Santander announced that it is joining National Westminster Bank and Halifax in raising interest rates on mortgages despite the Bank of England base rate remaining at record lows.

    http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9121324/Millions-face-higher-mortgage-bills-as-Santander-joins-NatWest-and-Halifax-to-raise-rates.html
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  • Joe_BloggsJoe_Bloggs Forumite
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    The 0.1% rate rise for new mortgages announced by Santander does not Tally with the hyperbole of the headline in the Telegraph article which tries to lump Santander in with the RBS/Natwest and Halifax. The latter have made an impact on many of their more existing vulnerable borrowers, who will have little choice other to suck it up or go under.

    J_B.
  • GinakGinak Forumite
    1 posts
    The Bank of Ireland has just put my rate up on my SVR mortgage. As of June it will go up 1% and then in September a further 1%. What a joke!! :mad:
  • Are we honestly not allowed to get back on our feet? It just seems that things are just getting worst and now the banks hike up or mortgage! Arghhhhh!
    :jWaiting for the comping fairy to arrive, a big thank you to all that post comps:j
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