Mortgage Lenders As Hell Bent on Profits As Ever

I usually opt for a mortgage rate linked to the Bank Of England base rate.
In the days when bank base rates were going down my mortgage lender would out through the reduction a month in arrears.
Now that bank base rates are on the way up, my lender is putting up the rate on my mortgage that same month.
How very convenient for them! I wonder how much extra profit that generates.
They have assured me that this is a "system change" and the same speedy rate of adjustment will happen when rates go down.
Let's see shall we.
Somehow, I'm very sceptical. (I used to work for two big clearing banks and a big insurer so I know the tricks we used to pull, you see!)
Please write and tell me your moans about mortgage lenders.
I'll try to include it in any future article I write and it could even make it into the new edition of my book.
david@lettingfocus.com
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This entry was posted by lettingfocus, on Tuesday, January 16, 2007.