‘People are being told at the 11th hour that their mortgage is about to become more expensive than they had planned for’
Halifax, Britain’s biggest mortgage lender, told brokers that some home loans for new buyers would go up by up to 0.2 percentage points. Meanwhile, NatWest said it was increasing rates by up to 0.1 percentage points on some two and five-year deals for existing customers switching their mortgages. For new customers, Santander’s rates went up by 0.5 percentage points.Mortgage broker Justin Moy said he has had rates pulled with just a few hours’ notice, describing the situation as “frustrating”.
Brokers and customers are on the receiving end of changeable global financial markets and a volatile housing market where profit margins are small. It’s true that most countries are experiencing similar challenges right now: high inflation and the higher interest rates put in place to try to tackle it.
Last night I had a similar conversation with my sister. She and her partner had a deal pulled and they were trying to work out what they could realistically afford on top of childcare. They were weighing up whether it would make more sense to sell the family home they bought a few years ago than deal with growing monthly repayments.
Source: Loan Digest (loandigest.net)
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