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Halifax rate rise rattles remortgage market

Halifax has effectively pulled out of the remortgage market by drastically

bumping up its fixed and discount rates in a move echoing that of rival


Halifax, the UK&#39s biggest lender, has heaped increases of nearly 0.5 per

cent on its flagship remortgage products this week, which leaves IFAs with

no option but to recommend deals of more competitive providers.

Borrowers can expect a rate increase on Halifax&#39s fixed-rate loan of 0.4

per cent to 5.75 per cent from 5.35 per cent.

IFAs have interpreted the move as an attempt to head off rate-chasing

remortgage borrowers.

Halifax&#39s decision mirrors similar moves by Nationwide, which withdrew its

most competitive discount loans in February, and Portman Buil-ding Society,

which withdrew from the remortgage market last month.

Charcol senior technical manager Ray Boulger says: “Halifax has removed

itself from the mortgage market by being completely uncompetitive.”

A Halifax spokesman says: “We constantly reprice as part of our strategy

to narrow the gap between what our new and existing borrowers pay. We

believe that we still have a competitive range and are certainly not

shutting up shop.”


Sandler review terms out next week

The terms of the Treasury-sponsored review of retail investment headed byRon Sandler are expected to be published next week. Sandler attended ameeting at 11 Downing Street on Tuesday to discuss the remit of the review.It is widely expected to look at the prices and comm-ission structures ofretail products such as with-profits bonds, unit trusts and […]

Changes at Invesco Pensions

Invesco Pensions has appointed John Griffiths as business developmentmanager and Mark McDonnell as head of client services. Griffiths, formerlyemployee benefits manager at Scottish Mutual, takes responsibility formanaging new client relationships while Griffiths, who joins from ScottishMutual, will work with consultant actuaries and trustees in the Midlandsand the North.

Skipton launches 5 year growth bond

Skipton Building Society has launched a new five year guaranteed growth bond promising absolute minimum returns of at least 126 per cent of the initial investment.The bond with a minimum investment of £2,000 and a maximum of £10,000 and offers the potential to earn 50 per cent gross over five years or 8.45 per cent […]

Furness peaks with cap

Furness Building Society has unveiled a five-year capped rate mortgage that is available for loans up to 80 per cent of valuation and a maximum loan of £150,000.The mortgage is capped at 5.99 per cent until June 19, 2006 and borrowers who redeem it within this period must pay 5 per cent of the advance […]


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