Originally posted by AtW
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Previously on "Mortgage costs may increase if Greece leaves the euro"
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Originally posted by Old Hack View PostPut a cap on the amount they can charge over base rate?
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The Halifax just increased their base rate .75%. I think they'd be a lot of anger if they started doing it some more, given most have been bailed out by the tax payer. I could see the Government getting involved if they start feathering their bottom line by being more than X points over base rate.
We'll see, but I think there'd be a lot of resistance to it.
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Who cares, it's only a few quid a month. We spend more a month on Latte's and and other carp.
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Mortgage costs may increase if Greece leaves the euro
"The crisis could add hundreds of pounds a year to the cost of a typical home loan, according to Adrian Anderson, from mortgage broker Anderson Harris, who believes that mortgages could rise by three quarters of a percentage point if the eurozone crisis escalates.
"There will be plenty of pressure on lenders to reduce the amount of lending they do, improve margins and raise mortgage rates in coming weeks," Mr Anderson said. "We are already seeing lenders raise rates, and that's even before Greece has made any official decision to leave."
Economists from thinktank Capital Economics believe that the cost of a typical home loan could rise from 3.6pc to 4.5pc if the crisis worsens. This would push up repayments on a £250,000 home loan by £1,200 a year.
Howard Archer, chief economist at IHS, said that households would find it even more difficult to get mortgages than they are doing at present. "I suspect banks would be even more careful in their lending for some time to come – which would make it harder for many people to get mortgages," he said.
There is already evidence that banks such as Santander, which is Spanish owned, have pulled back on lending in recent weeks. Brokers said that the bank was less keen to lend through them. "
Source: Mortgage costs may increase if Greece leaves the euro - Telegraph
So who here says again that collapse of euro is a good thing?Tags: None
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