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Halifax moans about copying lenders

Halifax is moaning its rival lenders jam its switchboard looking for guidance whenever the Bank of England alters the base rate.

The UK’ largest lender is having a pop at its arch rivals for adopting a ” see what mummy is doing’ attitude whenever there is a base rate change.

It claims every time the base rate changes, its rivals wait for it to announce what alterations it is making to mortgage rates before deciding on their own strategy.

On September 8, Halifax was the first lender to react to the base rate increase, hiking its variable rate by 0.14 per cent to 6.99 per cent.

Later the same day Lloyds TSB Group, Barclays and Bank of Scotland all increased their standard variable rates 0.25 per cent.

Halifax head of mortgages Phil Jenks says: ” the day of a base rate change we take calls from every major player asking if we have decided our position.

” would have been very interesting if we had increased by 0.25 per cent this month to see what the others would have done.”

An Alliance & Leicester spokesperson says: ” the big players are doing is one factor in helping the middle sized and smaller players decide what they are going to do.”

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