Halifax hike could be brokers gain
It is estimated 850,000 Halifax customers are facing an increase in their mortgage repayments as the lender announced a rise in its standard variable rate (SVR) from 3.50 per cent to 3.99 per cent.
The news comes after the high street bank last week revealed it was increasing its SVR cap from 3 per cent above base rate to 3.75 per cent.
Such an increase will have a considerable impact on homeowner’s already dwindling finances. For example:For a client who has 20 years and £150,000 left on their mortgage, they will see and increase of £38.25 a month, that’s £459 a year.
While these figures appear bleak, there could be a silver lining to the news in the form of much needed remortgage activity.
Recent figures revealed 58 per cent of homeowners have never remortgaged. However such an escalated increase could prompt previously reluctant homeowners into reviewing their options.
Goldsmith Williams £299 remortgage deal, which includes VAT and standard disbursements and is available on buy-to-let properties, also means homeowners and landlords alike needn’t worry about expensive legal fees either. And our 7-day remortgage guarantee (from receipt of mortgage offer) means clients could escape rising repayments sooner than they think.
Content correct at time of publication