The real reason the housing market isn't moving - MoneyWeek
The weekend papers were full of misery for mortgage holders. “Lenders move goal posts” said The Telegraph ahead of a story about lenders going through contracts “with a fine-tooth comb”, looking for ways to get rates up.
Manchester Building Society has, for example, found a way to decouple its tracker mortgages from the Bank Rate. Tracker rates for some clients will now hit 4.74%. For some of those clients, the move will represent a quadrupling in rates. They aren’t the only ones: Skipton BS removed the 3% over-base-rate cap recently, quoting “exceptional circumstances”. This seems fair given that we are indeed experiencing exceptional circumstances but nonetheless, I dare say it came as a shock to a good many borrowers.
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