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Halifax increase mortgage rates

07/04/2008

Halifax has plans to increase its mortgage rates for potential buyers who cannot make a 25 percent deposit.

Halifax are thinking of introducing three LTV bands leaving people with 25% deposits or more to receive a 0.1 percent interest rate cut.

New rates will come into effect starting from today and will apply to the Bank of Scotland and Intelligent Finance team.

A member from the Halifax group denied that the lender had been revealed by applications and increases in business as different lenders choose to increase rates, a spokesman followed:

“We are re-pricing in response to changes in the mortgage market. The move comes after many lenders have scrapped cheap mortgage offers amid the current credit crunch.”

Mortgage rates are changing drastically, lenders are being extra careful in terms who they will lend to simply because many are slipping into repossession.


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