ING Direct announced that it plans to increase its standard variable rate from 3.5% (3.7% APR) by 0.49% to 3.99% (4.40%APR) from the 1/08/2012. According to the Bank the move is due to the increasing cost of funds.
Bank of Ireland, Clydesdale and Yorkshire Bank, Co-operative Bank, Halifax, Royal Bank of Scotland/Natwest all increased their Standard Variable Rate’s in May.
This rate increase shows the benefit of being on a transparent tracker mortgage linked to Bank of England Base Rate as opposed to a rate that can be changed at any time at the lenders discretion.
Why use Neil Soundy Financial for advice on your mortgage in Cardiff?
We will give you expert impartial advice on the mortgage market.
Why not book a free no obligation meeting?
How Much Will It Cost Me For Your Advice?
A fee of £495 is payable on completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender for arranging the mortgage.
Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.
The Financial Conduct Authority does not regulate some forms of buy-to-lets.
We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.
Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.