The Sunday Times - Money made easy... SVR's
Building societies have been quietly increasing mortgage costs for new and existing borrowers despite the ongoing freeze on official interest rates. Britannia’s broker-only arm is raising the “reversion rate” on new loans for customers with less than 30% equity in their homes.
Aaron Strutt at Trinity Financial, the broker, said: “Those who take out loans with the least equity are in the worst position — they are the ones who will struggle to remortgage on to better fixed-rate deals should house prices fall again and their equity be wiped out. Borrowers should bear this in mind when taking out a loan with Platform with less than 30% equity.”
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