Competition to attract mortgage customers has stepped up, as HSBC today launches a five-year fixed-rate deal with a record low rate amid a time of rising rates and economic uncertainty.
A group of mortgage holders face an unprecedented rise in home loan costs after Manchester Building Society decided to raise tracker rates for existing borrowers, even if the base rate remains unchanged.
Worried mortgage holders who want to cap their costs following the news over a million are set to be whacked with massive hikes have an alternative to simply taking out a new home loan.
Thousands of homeowners with interest-only mortgages may be stuck on their existing deal when their introductory offer ends, paying far more each month in future.
6 October 2011
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