First-time buyers face a huge rise in the cost of their mortgages at Britain’s biggest lender.
Halifax has revealed plans to raise its loan rates from January for all new borrowers.
In a further blow, the lender – part of Lloyds, which is 41 per cent owned by the taxpayer – is also scrapping a promise that its standard variable rate deal will never be more than three percentage points above the Bank of England’s base rate.
This clears the way for the bank, which would have collapsed without a taxpayer bailout, to charge as much as it likes for its mortgage deals.
Yesterday, experts warned that other lenders are likely to follow the controversial move, which comes as millions face acute financial pressure.
Sorry? I thought we owned these fucking banks? Why then are the coalition allowing them to screw their customers with rates way above what they need to make a profit? Why are credit cards at 29% and above in some cases? Why can't we have a state owned bank which only deals in mortgages and small companies finance? If these banking bastards, want to get back to their risky investments, which the Tories will believe me allow, why should any more tax payers' money be involved?