Need to know
The changes began on Tuesday and experts said some people needed to take action quickly
Halifax mortgage rate hikes – need to know
- Halifax has hiked mortgage rates by up to 0.20% from Tuesday amid rising oil prices that reached $100 last week.
- The lender is increasing rates across homemover, first-time buyer and remortgage ranges by up to 0.15% on selected fixed-rate deals. Product transfers will see smaller hikes of up to 0.10%.
- This follows similar rate rises from HSBC and Barclays, with oil price volatility linked to Middle East tensions driving the increases. The Bank of England is expected to hold its base rate at 3.75% on Thursday.
- Mortgage experts are urging borrowers to act quickly to secure deals before further hikes. Darryl Dhoffer from The Mortgage Geezer warned: “If you drag your feet now, you are willingly throwing money away.”
- Anthony McQuilliam from Bolt Mortgages said the market can shift overnight, advising anyone within six months of renewal to speak to a broker immediately. Oil at $100 feeds directly into inflation expectations, he added.
- Industry specialists say lenders react faster than the Bank of England to wholesale funding cost changes. Many warn that available rates may not be around for long as global energy volatility continues.
- Borrowers are advised to lock in rates now as most offers provide three to six months’ protection against further market chaos.
- READ THE FULL STORY: Halifax confirms change for customers ‘from Tuesday’ with extra cost
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