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More mortgage joy, Times says 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.
But more worryingly for buyers:
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.
Actually, the two year fix is a swizz and it's good that people are being steered away but it's been the mainstay of the mortgage culture for a good few years now. Wonder how the addicts like having their fix taken away?
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.
But more worryingly for buyers:
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.
Actually, the two year fix is a swizz and it's good that people are being steered away but it's been the mainstay of the mortgage culture for a good few years now. Wonder how the addicts like having their fix taken away?
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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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Interesting that; I was talking to a mortgage broker today who told me if I said yes before 8pm then he could secure the rate he was talking about, with 14 days to change my mind if I wanted.Happy chappy0
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tomstickland wrote: »Interesting that; I was talking to a mortgage broker today who told me if I said yes before 8pm then he could secure the rate he was talking about, with 14 days to change my mind if I wanted.
Did you say yes?Got Halifax Classic to reduce my interest rate by 5% woohoo - 10/06/08 Thanks MSE!
Another 3% shaved off 10/12/08
ANOTHER 4 % June 09:beer:0 -
Yes, after doing a quick spreadsheet I decided that it looked like the least-worst result.Happy chappy0
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