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Halifax stops all new SVR mortgages!
poppy10_2
Posts: 6,597 Forumite
Oh Noes! This is big news.
http://news.bbc.co.uk/1/hi/business/7381016.stmThe Halifax, the UK's biggest mortgage lender, will stop offering home loans on its standard variable interest rate (SVR) to new customers from 3 May.
They will have to take out fixed or tracker rate deals which have set-up charges, and penalties for being redeemed early.
The Halifax's SVR mortgage, currently carrying an interest rate of 7% on loans of up to 95% of a property's value, has no early redemption fee and no set up charge.
poppy10
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Comments
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It is fairer to existing customers to keep the SVR the same and not take on new customers, rather than raise the SVR to deter new customers from applying in large numbers.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Nationwide have done the same for broker biz.
Banks are screwing us, however rates are still not that bad in the grand scheme of things. The issue is max LTV's and what to do with high risk mortgages whenthey come to an end of a product!
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Fight back. If everybody stops borrowing money that'll show them.0
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Power to the people!!0
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