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Halifax have today announced that they are increasing their standard variable rate from 3.5% to 3.99% on 1st May this year.

This surprise move will mean a customer with a £150,000 interest only mortgage will be £61 per month, or £735 per year worse off following these changes.

With other lenders offering tracker rates from 2.6% and fixed rates from 3.09% it might be worthwhile seeing if you should remortgage elsewhere.

If you would like to find out more feel free to contact Luke Ashton on 01483 468878 or email luke.ashton@hfsmilbourne.co.uk