Saturday, Oct 18, 2008
Things not going to plan Gordon?
The Times: Tracker rates to stay above minimum threshold
Halifax Bank of Scotland (HBOS), the country’s biggest mortgage lender, which is set to be taken over by Lloyds TSB, will not cut tracker rates if the bank rate falls below 3 per cent. Nationwide Building Society, the second-biggest lender, will also refuse to pass on any decreases if the base rate sinks lower than 2.75 per cent.
Posted by titaniccaptain @ 12:25 AM (458 views) Add Comment
3 Comments
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1. renting2 said...
Also:
Nationwide has decreased their max loan to value to 85% (unless you're an existing borrower when it is still 90%). It was 95% for all not so long ago. Possibly more importantly, they have also reduced their income multiple.
Skipton yesterday followed suit by lowering their max loan to value to 85%.
2. Dr Ray said...
Well fancy that!
It turns out that people were sold tracker mortgages that only tracked when interest rates were going up.
Now that rates are coming down the lenders are quoting the small print
I detect a wave of tracker mis-selling compensation claims. I wonder how many people paying a fee to arrange a tracker were told the lender had a get out clause?
3. plato said...
No more fixed rates. Trackers only on the up. All adds up to much lower house prices. As the LTV shrinks these will not have such a great effect........ So the sooner the better to stop this misery. The denial and PC has to give way to allow this to happen quickly.