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Halifax Raises Mortgage Rates Again

Halifax is set to disappoint more potential customers as it is set to raise its fixed rates on loans by 0.5%.

It will be no less than Halifaxs 20th rate change in 2008 and is set to hit homeowners on all mortgages, including those who have a high equity in their home.

Homeowners who have 25% equity or above in their homes look set for an increase on a 2 year fixed-rate mortgage from 6.49% to 6.99%.

For example with a £150,000 loan, this amounts to £47 a month extra in repayments.

Those looking for larger loans up to 90% of their homes value will have the rate on a 2 year fixed loan jump from 6.79% to 7.29%.

It is also expected that they will increase the rates on 3 and5 year mortgages but these will be by a smaller sum.

This is all despite 3cuts in interest rates and a £50billion SLS to try to get banks to pass on savings to customers, lenders seem to be rising rates becuase of the high cost of borrowing between banks.

Nationwide has also moved to raise its fixed rates by 0.5%.

To add to the trend Woolwich pulled all of its 2 year fixed-rates until a later announcement on their status.

The only rates that will stay unaffected by all of the changes are Halifax 10year fixed rates. This shows more and more customers are being pressured to commit to long term loans as the credit crunch is still very much in full effect.