Monday, March 5, 2012

Homeowners to pay £735 a year MORE after Halifax hikes mortgage rates - sparking threat of customer exodus

Homeowners face having to pay up to £735 per year more after Halifax said today they are hiking up their mortgage rates - sparking the threat of a mass customer exodus.

The bank is increasing its standard variable rate mortgage from 3.5per cent to 3.99per cent from May 1, costing 850,000 customers hundreds of pounds per year.

Other lenders are likely to follow suit and increase their charges - despite the Bank of England base rate being held at a historic low of 0.5per cent for three years.

The increase, which is the first for three years, will be seen as rank profiteering by homeowners. Read More