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

amjustagirl

Ginak wrote: »

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:

I am fuming aswell, especially when the boe base rate hasnt gone up, seems like the banks can do what the f**k they like!!:mad: Can see alot of repos on the horizon. Wages arnt going up and petrol, food, bills keep rising, it's just getting silly now!

Thrugelmir

amjustagirl wrote: »

I am fuming aswell, especially when the boe base rate hasnt gone up, seems like the banks can do what the f**k they like!!:mad: Can see alot of repos on the horizon. Wages arnt going up and petrol, food, bills keep rising, it's just getting silly now!

From its name, Bank of Ireland, this should have been a warning sign. Particularly as it sold mortgages to the Nationwide and actively been offering incentives to leave for a while now.

amjustagirl

Thrugelmir wrote: »

From its name, Bank of Ireland, this should have been a warning sign. Particularly as it sold mortgages to the Nationwide and actively been offering incentives to leave for a while now.

Can't say am really up on the best mortgage companies, just going to have to shop around didnt really want to get tied into a fixed rate deal but might have to now. When i took the mortgage back in 2006 it was with Bristol and West.

Stesal

Having read about this mortgage "hike" it strikes me that with the RBS/Halifax being Gov. owned, yet again this is another Attack on homeowners at a time when they can least afford any rises whatsoever?
Either that, or the same "Mismanagemnet" team are still in place as the cost of borrowing from bank to bank has been high since this "depression" came about? So why play Catch up now?
My Mortgage was paid up ages ago, but, i really fear for the thousands of families this will affect---especially families with children? Exactly What does this Government get for Squeezing every last penny it can from struggling families?
When we brought our family up in the 70's/80's it was hard then, however, i would dread having to start out in this day & age.

DSJS08

On Newsnight tonight the justification from the Banks for the increase in their SVRs was laid squarely down to an increase in borrowing. Since NRAM no longer offers new products then is it possible they can use the same excuse?

I'm assuming not but fearing the worst, 4.79% is already a lot more than most of the others. Surely the Government can't let this happen?

Brallaqueen

Oh great.

Unlike a lot of very lucky people, I'm coming to the end of a fix so didn't get to benefit from paying next to nothing over the last few years.

I'm sure there are plenty of people in my situation who do not need this extra kick in the teeth.

Thrugelmir

Stesal wrote: »

Having read about this mortgage "hike" it strikes me that with the RBS/Halifax being Gov. owned, yet again this is another Attack on homeowners at a time when they can least afford any rises whatsoever?
Either that, or the same "Mismanagemnet" team are still in place as the cost of borrowing from bank to bank has been high since this "depression" came about? So why play Catch up now?
My Mortgage was paid up ages ago, but, i really fear for the thousands of families this will affect---especially families with children? Exactly What does this Government get for Squeezing every last penny it can from struggling families?
When we brought our family up in the 70's/80's it was hard then, however, i would dread having to start out in this day & age.

Unsure why you are making a political point. This is down to economics and financial management.

Both of which over rule politics every time. Governments can merely attempt to steer the ship.