March comes in with a Roar
05 Mar 2012 | March comes in with a Roar
In particular for those households with mortgages with the Halifax and Royal Bank of Scotland.
Within the last few days all three have announced future increases to their Standard Variable Rates and other mortgage lenders are sure to follow.
Blame for the increase to the SVR’s has been put squarely on the increase in the cost of funds charged to the mortgage providers for the funding necessary to service their mortgage commitments.
No doubt many already stretched household budgets will be stretched even further as a result of these announcements.
Is there a way out? Perhaps there is, particularly where households have the ability to re-mortgage, at which point consideration could be given to switching to either fixed or variable rate mortgages if appropriate.
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