Peter Ford, professional services director of Badger Holdings, said that borrowers should review their mortgage arrangements rather than allowing their rates to revert to the SVR as these were increasingly likely to rise in the coming months.
He said: “The market backdrop is currently more buoyant than it has been for some time and we hope that homeowners and prospective buyers are not put off by this news but recognise that SVR’s weren’t going to stay low forever and that borrowing costs remain at an all time low making buying a property cheaper than renting in many cases.”
Rob Jupp, managing director of Brightstar Financial, said: “I think what Halifax and Bank of Ireland have done is appaling. Halifax has dealt with their SVR rise in a better way. They’ve only gone up by 0.5% and they’re offering their clients options.
“Bank of Ireland has effectively increased their SVR by six bank rate rises over the course of three months. When you think about those with interest-only mortgages, that’s around a rise of 50%. That’s revolutionary stuff.
“Halifax might have committed manslaughter with their news but Bank of Ireland has got away with murder.”
