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Times: Halifax to raise rates:
WTF?_2
Posts: 4,592 Forumite
http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3752244.ece
Halifax is to increase rates on some of its most popular mortgage deals by a massive 0.5 per cent tomorrow.
On one two-year fixed rate, the bank will increase the rate from 6.09 per cent to 6.59 per cent. Borrowers taking out this type of deal will now pay £46 more a month on a £150,000 loan. On a two-year tracker, the rate will increase from 1.49 per cent above base rate to 1.99 per cent, giving a current rate of 6.99 per cent.
Halifax is to increase rates on some of its most popular mortgage deals by a massive 0.5 per cent tomorrow.
On one two-year fixed rate, the bank will increase the rate from 6.09 per cent to 6.59 per cent. Borrowers taking out this type of deal will now pay £46 more a month on a £150,000 loan. On a two-year tracker, the rate will increase from 1.49 per cent above base rate to 1.99 per cent, giving a current rate of 6.99 per cent.
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Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
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Comments
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Ouch, Abbey still have some of the best fee free deals IMHO0
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Just to highlight something said further down the Times article....
Brokers said that Halifax's move sounded the death knell for the two-year fix, the most popular type of mortgage over recent years, as it sent out a clear signal that it wants to commit borrowers into fixing their mortgage for longer.
One source said: "A jump of this size means Halifax are pricing themselves out of the two year mortgage market - they clearly don't want the business"
That will cause ripples amongst the masses hooked on cheap 2 year fixes.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
I am finding 2 year fix's are going out of fashion faster than crazy paving.0
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Do you think they mis-understood the meeting with Gordon Brown?
He was trying to negotiate with the banks to reduce their interest rate and then Halifax start to move rates up.
Its laughable.
Halifax are the largest mortgage bank in the UK so the rest now have a free reign to up their rates and increase margins.I beep for Robins - Beep Beep
& Choo Choo for trains!!0 -
Let's hope the BOE don't cut interest rates any further, I can't afford it!"You were only supposed to blow the bl**dy doors off!!"0
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maninthestreet wrote: »Let's hope the BOE don't cut interest rates any further, I can't afford it!
How come? What line of business you in?Tough times never last longer than tough people.0 -
owitemisermusa wrote: »How come? What line of business you in?
It was a joke. :rolleyes:"You were only supposed to blow the bl**dy doors off!!"0 -
I heard (in passing through the office so need to confirm) that Halifax had decided to help new borrowers remortgage by keeping them still. Probably more so like they want to keep a market share after HSBC have jumped in!
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A lot of 2-year fixes now work out more expensive than the SVR.poppy100
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