Sunday, 6 May 2012

Fix your loan: Millions are set for rate shocks but mortgage switchers have an escape plan | Mail Online

Fix your loan: Millions are set for rate shocks but mortgage switchers have an escape plan | Mail Online

More than one million homebuyers are facing higher mortgage repayments from this month, and experts are urging them to take action by switching to cheaper lenders.
Borrowers paying standard variable rates with Halifax, Co-operative Bank, Royal Bank of Scotland (offset mortgage and One Account customers only) or Yorkshire and Clydesdale banks have all seen an increase in their mortgage rate.
Bank of Ireland mortgage customers will see their standard variable rate rise from next month, and again in September. The mortgage rate for 850,000 Halifax borrowers has increased from 3.5 per cent to 3.99 per cent. This will add an extra £41 a month to the average repayments on a £150,000 mortgage.

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