UK Money News
7th April 2008
Halifax joins rush to raise mortgage rates
HBOS subsidiary Halifax has become the latest UK lender to raise rates on its range of mortgages.
The lender did not disclose the size of the increase, with a spokesman prepared to reveal only that there "is some pricing upwards, but it's very much in line with the market".
It was confirmed however that Halifax will now demand a deposit equivalent to 25 per cent of the value of the properties and will be adjusting its best rates accordingly.
The announcement comes at a time in which the number of mortgage providers are raising rates or withdrawing completely from the sector.
This week alone online bank First Direct confirmed it has imposed a hiatus on all new mortgage lending, while Woolwich has upped rates on its tracker products by up to 0.70 per cent.
David Hollingworth, of London & Country, the mortgage broker, told the Times: "It has got to be one of the most rapidly changing and volatile weeks any of us can remember.
"The credit crunch has really got a grip on the mainstream mortgage market and there is nothing to suggest that the situation is going to improve in the near future."
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