HBOS increases mortgage rates despite Brown plea

clock

HBOS has increased rates on a range of its two-year fixed rate and tracker deals despite calls from Gordon Brown to follow the Bank of England's rate cut lead.

The move by the country’s biggest mortgage lender comes barely a fortnight after it announced it would raise borrowing costs for customers with a deposit under 25%, and only hours since a meeting between top bankers and the Government. Halifax kept its three and five-year fixed rates stable. Industry commentators said the move was yet another example of providers being unable to cope with demand and hinted at a lack of trust between banks and Downing Street. The Bank of England yesterday announced it would provide a further £15bn into the financial markets to ease liquidity concerns. Th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read