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Standard Life Bank Review Rates - Creak Creak

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http://www.ftadviser.com/?m=11173&amid=119064

Standard Life to review mortgage rates early next week

12th September 2007

Mark Banham

Standard Life is set to review its mortgage rates as part of a larger industry shift, expected to take in other lenders, as sub-prime fallout grips the market.

The lender confirmed that a review was in process, and that new prices are expected "early next week".

A spokesman for Standard Life said that the review was part of a larger shift across the industry, and that the company expected other lenders to follow suit, due to the sub-prime fallout: "Standard Life is currently conducting a review of its mortgage rates, with an announcement expected early next week.

"Until then, the current rates will be withdrawn from the sorting system, until the new rates are ready to go live."

Meanwhile, Abbey has announced that it is to increase the rates on its tracker mortgages, with an announcement expected later today. The bank stressed that the adjustments are part of its usual processes, and would only affect new customers signing on to tracker mortgages. A spokesman for Abbey said that the new rates would apply to "existing customers".

Earlier this week, Victoria Mortgage Funding went into administration, as it became the first UK lender to fail because of the current global credit crisis.

Accountancy firm KPMG has been called in to assess the future of the mortgage lender but despite the situation KPMG has remained upbeat and said that so far no job cuts have been made and it was not definite that any cuts would be made at all.

60 people are currently employed at Victoria.

Creak Creak of the easy credit mortgage system

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