In light of the Halifax mortgage rate hike are there better deals to be had?

Various lenders have followed the Halifax mortgage rate hike example and have increased their standard variable rates.

The Halifax SVR rate will increase to 3.99 %.

Royal Bank of Scotland SVR rate will increase to 3.99 %.

Santander SVR rate will increase to 4.24 %.

Skipton SVR rate will increase to 4.95 %.

Clydesdale and Yorkshire Banks SVR rate will increase to 4.95 %.

Bank of Ireland and subsidiary Bristol & West SVR rate will increase to 4.49 %.

Leeds SVR rate will increase to 5.69%.

The SVR mortgage rate hike has occurred despite the BOE bank rate remaining at 0.5 %.

For those affected, lenders should waive any early repayment charge and allow a free switch to an alternative product or lender. There maybe time limits imposed and therefore it is essential to act now.

For those of you with equity it is worth investigating a remortgage through Deal Direct who will source a competitive alternative on your behalf.

There are good deals on offer to switch to. HSBC offer a lifetime tracker mortgage at 2.09 % above base for 60 % LTV with no fees or legal costs. For 80 % LTV HSBC offer a lifetime tracker rate of 2.79 % above base which once again comes with no fees or legal costs.

For those of you hit by this mortgage rate hike a fixed rate remortgage may be your preferred option as it offers security against a further mortgage rate rise.

There are various good fixed rate options through Deal Direct. We can help all mortgage holders hit by rate increases. We are 'whole of market' brokers who will contact all UK lenders on your behalf to find the best possible remortgage deal for your circumstance. Our expert brokers are here to help you achieve a stress free mortgage switch.