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Halifax, BM Solutions Increasing rates up by 0.2%

Journalist: Justin Moy, Contributing Editor

ended 24. April 2024

Both Halifax and BM solutions have just announced increases of up to 0.2% for a variety of deals starting this Friday. This includes First Time Buyers, Homemovers, remortgages and Product Transfers, and the same for landlord borrowers. The lenders have given 24 hours notice on these changes.

Newspage mortgage brokers commented on these increases from Halifax and BM Solutions. See comments below.

 

7 responses from the Newspage community

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Editor
Justin Moy
Managing Director at EHF Mortgages
Yet more bad news for mortgage borrowers, as two of the biggest lenders announce increases to their fixed rate products. As mortgage rates creep up and past 5% even for those with the largest deposits, we seem to be lacking a clear strategy of the government or the Bank of England on how rates will eventually fall. Even 2% inflation may not be enough to reverse the recent trends in rates, instead, we meander to a general election that won't cure the problem either.
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Harps Garcha
Director at Brooklyns Financial
Disheartening for many homeowners, but it wasn't entirely unexpected given recent events such as the increase in swap rates. For those whose fixed-rate mortgages are set to expire in the next 5-6 months, it's essential to seek advice and act decisively. The current fluctuating mortgage landscape has become increasingly unpredictable.
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Ben Perks
Managing Director at Orchard Financial Advisers
Strangely, compared to some of the increases we've seen this week a 0.2% increase demonstrates a willingness to lend.
The last few days have been pretty grim as we've witnessed rate increases sweeping across the maket. Halifax and BM Solutions are the latest to announce rises and whilst these ones are modest, i think we will see further increases in the coming weeks from them and others.
With rates continuing to creep up, the Bank of England must start considering a reduction. This choke-hold on base rate is suffocating the industry and borrowers are paying the price.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
An interesting day for Lloyds Banking group, to announce a drop in profits blaming tighter margins on mortgage lending and then within hours increasing their mortgage rates. Further misery for borrowers until such time as the Bank of England takes action on the base rate.
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Darryl Dhoffer
Founder at The Mortgage Geezer
When the big ship Halifax increases mortgage rates, smaller lender boats will follow. Hoping the tide will turn, but the outlook is looking bleak currently.
Borrowers need stability and we have had nothing but instability for the past 16 months.
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Elliott Culley
Director at Switch Mortgage Finance
Rate rises have become the new normal. The early spring shoots of a housing recovery have been flattened by the continuous volatility seen in the economy. Borrows need to remain vigilant and act decisively to secure the best rates available.
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Gary Bush
Financial Adviser at MortgageShop.com
Halifax increasing its fixed rates following the pack of lenders from yesterday adds a further nail in the coffin of households. Spooked financial markets are causing chaos for the property market and some calm needs to return, and fast.