UK Money News
16th April 2008
Mortgage rates hiked by Halifax
Halifax, the UK's largest mortgage provider, has raised rates on its short-term fixed rate deals.
The lender has imposed a rise of 0.5 per cent on its two-year fixes and trackers when they are arranged through an intermediary.
The Associated Press calculates that this would mean that a borrower with a 25 per cent deposit through a broker would be charged a rate of 6.39 per cent - up from just 5.89 per cent previously.
Rates on deals arranged directly with Halifax, meanwhile, will increase by 0.35 per cent.
News of the move comes after the Bank of England recently cut the base rate by 0.25 per cent, with lenders coming in for mounting criticism for their failure to pass on the benefit of reductions to the key base rate to their customers.
In a speech this week Gordon Brown hinted that the government is mulling punitive measures in order to compel lenders to reflect reductions to the base rate.
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