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New variable rate from Halifax gets a tepid response

Halifax’s reversionary rate for new borrowers has received a mixed reaction from brokers.

It is launching a 3.99% Homeowner Variable Rate that is not linked to the base rate on January 4. Existing customers will remain on the 3.50%Standard Variable Mortgage Rate.

Stephen Noakes, commercial director of mortgages at Lloyds Banking Group, says: “The HVR will enable us to continue to offer a wide range of competitive products.”

Rob Barwell, mortgage adviser at Newholme, says borrowers’ monthly payments could rise significantly. He says: “I feel that this is penalising new borrowers.”

But Ketan Yadav, mortgage consultant at Avenue & Co Private Finance, says: “It is fair because new offers state variable rates can rise and most borrowers expect this.”


Snowdon quits in bank reshuffle

Colin Snowdon says he quit as chief executive of residential mortgage lending at Aldermore because of the bank’s decision to integrate its two mortgage businesses. Last week Aldermore revealed that both its commercial and residential mortgage businesses will report to Mark Stephens, deputy chief executive officer of Aldermore. Charles Haresnape, former group mortgage service director […]


Talk to clients now about remortgaging

The other week I was on the tube on my way to the Mortgage Business Expo and sitting near me were two brokers having a conversation about the market. Interestingly, they both agreed they were ’glass half full’ people and were optimistic. This was great to hear. Unfortunately, I then heard them talk about potential […]

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Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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