“Borrowers shouldn’t be complacent. Despite no change today, big lenders like Halifax, Woolwich and Abbey are still overcharging the average homeowner at least £700 a year.
And that’s not the whole story. Over the last three years, eight out of the top ten lenders have actually INCREASED the margin between base rate and their mortgage rate. In other words, their customers are being increasingly short-changed.
HSBC is the only lender to promise not to raise its variable rate more than 1% over the Bank of England base rate. We don’t think that rates will return to sky-high levels, but even so, sticking with high charging lenders means throwing thousands down the drain.”
