Earlier this week Mortgage Strategy magazine reported around 6,700 borrowers who have tracker mortgages with West Bromwich Mortgage Company, its now closed specialist lending arm, would see their rates rise on 1 December.
Trinity Financial product and communications manager Aaron Strutt says: “It doesn’t help consumers’ trust in banks and building societies. If you are sitting on a long-term tracker rate and you can fix in then it is potentially worth the risk, especially if you are with one of the smaller lenders, which could be more at risk of doing this sort of thing.
“I am not sure I would be applying to the West Brom Building Society for a mortgage when it is hiking rates by 2 per cent.”
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September 25, 2013