Don't panic, only for "new customers". At least that's what they say now!
Details as follows:
"We're introducing a new Halifax Homeowner Variable Rate (HHVR) for all new Halifax mortgages taken on or after 4th January 2011. This new rate will be the rate customers will revert to when their initial mortgage deal comes to an end. Set at 3.99%, the rate is competitively priced.
No existing mortgages are affected by the introduction of this rate. At the end of their current deal, all existing customers will continue to revert to the existing Standard Variable Rate, currently set at 3.50%, or any other relevant reversionary rate as set out in their mortgage documents".
However, if you are an existing customer and you sign up after 4th January to a new deal with Halifax, then you will have committed yourself to an increased follow on rate up 0.49%.
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