mortgage lenders increase rates.
As expected after last weeks news that Halifax bank were increasing their standard variable rate, other lenders have followed suit straight away. Last week the bank of England held the interest rate at 0.5% for a record three years running giving us the lowest base rate for a generation. You are probably asking yourself why then are all the banks and high street lenders increasing their rates, its simple because they can. It hasn’t been a good year for all the big banks with record losses after the payment protection scandal that has resulted in last years profit’s being set aside to cover all the claims on payment protection so they are looking to offset these losses by making their existing customers pay for it.
The best way to counter the increases by the banks is to simply vote with your feet, take your business elsewhere. There are some great re-mortgage deals available with other lenders which are fees free so it wont cost you anything to switch to a lower rate. Banks such as the Halifax are counting on the fact that you probably wont bother doing anything about the increases and take it on the chin. Let MMI brokers do all the hard work for you, just one phone call can set the wheels in motion to save you lots of money on your mortgage payment. We will handle the full remortgage application on your behalf while giving you regular updates on the progress.
Beat the bankers with a fees free remortgage today and tell them what you really think about then trying to squeeze you for more money to cover their miss selling of payment protection products. Speak to one of our expert mortgage brokers today.