Changes are as follows:
- Money Partners’ variable rate will be 6.8 per cent
- Origin mortgage rates will increase by 0.75 per cent with the exception of MPL prime rates which will increase by only 0.35 per cent.
Money Partners will honour any existing pipeline cases, sold on the old rates, where a Money Partners Mortgage Offer has been issued on or before 31 August 2007 and providing completion takes place by Friday 28 September 2007.
Where Money Partners has issued an offer on a purchase case, they will need to complete by the expiry date detailed in the current mortgage offer letter.
Danny Churchill, director of marketing and product development (mortgages) at Money Partners, commented: “Recent market movements, in particular the upward pressure on the cost of funds, have meant many lenders have had to increase their mortgage rates, and after careful consideration we at Money Partners have decided to refresh our rates both in line with these national and international changes and with the LIBOR reset.
“We are confident that the changes we have made will serve to strengthen our market proposition and, combined with our ongoing commitment to providing the highest levels of customer service, will put us in a strong position for long term sustainability within the industry.”
