It was inevitable that it was going to happen, it was just a question of when. We believe that rates will be increased this Friday for Product Transfers – Product Transfer rates are the deals that existing Halifax mortgage customers have access to which are available without any further underwriting.
Since Halifax announced that their standard variable rate (SVR) was increasing on 1st April 2012 from 3.5% to 3.99% the lender has been inundated with Product Transfer submissions to secure these relatively attractive rates ahead of the SVR increase.
We are expecting the Product Transfer deals to increase between 0.3% and 0.5% and this will be across the range – from fixed rates to tracker rates.
Other lender news this week – Woolwich have withdrawn their product range for re-pricing due to huge demand.