Intelligent Finance (IF), the online arm of Halifax, the UK's biggest lender, has come under fire for cashing in on last week's interest-rate rise, reports The Times.
The lender, which specialises in mortgages offset directly against the borrower’s income, is about to impose an increase in its standard variable rate (SVR) of 0.35 percentage points, 0.1 more than the quarter-point base-rate rise. All IF customers will have to pay the new rate from tomorrow. Nick Gardner, of Chase de Vere, the independent mortgage broker, said: “There is no excuse for lenders using a base-rate rise to improve their margins, and we see it far too often. It is not why the Bank of England makes these interest-rate decisions.” The home loans offered by IF allow borrowers...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
