Halifax to increase Standard Variable Rate

Halifax increase standard variable rate mortgagesDespite the Bank of England holding base rate at 0.5% for nearly three years the Halifax has announced it will be increasing its Standard Variable Rate (SVR). The move will see the Halifax’s SVR jump from 3.50% to 3.99% from 1st May 2012 and will affect borrowers currently on the SVR or with mortgage products, principally discounted rate mortgages, linked to it. Increased costs The Halifax said that the rise was necessary due to the increased cost of raising funds to lend in ...