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Halifax Set To Raise Mortgage Rate Yet Again

As the housing market gets ready for yet another increase in the rate of fixed interest mortgages it seems that Halifax will be the next one to break ranks with an expected 0.5 point rise next week. The move will be the Halifax’s twentieth change since the start of the year, a year which has seen hopes dashed for many new to the property market.

On a more worrying note, the 0.5 rise in rates is aimed at those who have 25% or more equity in their homes, an area of the market which until now has been shielded from much of the pain. As finance costs continue to rise it seems as though the banks are moving the bar higher yet again, attempting to squeeze the last drop out of each and every customer. As the number of mortgage transfer opportunities has fallen dramatically there is very little that customers can do about the increase in their costs.

It would be unfair to single out Halifax as the main culprit in the ever increasing cost of mortgages, but it is the bell weather of the industry and has often led the way for others in the past.

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