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The online Halifax team locked


The online Halifax team, Intelligent Finance, largest UK lender, are under pressure for cashing through last week’s interest rate increase.

Halifax, concentrate in mortgages offset mainly against a borrower’s monthly salary, they are in a position to rise the SVR rate, standard variable rate. IF customers will have to start paying the risen interest rate from Tuesday 14th 2007.

Chase de Vere, Nick Gardner the mortgage broker, stated: “There is no excuse for lenders using a base-rate rise to improve their margins, and we see it far too often. It is not why the Bank of England makes these interest-rate decisions.”

Mr Gardner simply feels that Halifax’s customers are being treated unfairly and leaving the Bank of England to deal with base rates is the fairest option.

A mortgage holder with example, £400,000 mortgage and £30,000 in savings will be able to notice their monthly repayments rise by £84 a month, or £1008, 12 months after the interest rate inflation has been occurred.

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