People should scrutinise mortgage deals


People across the UK may be wise to check the original terms of their mortgage deals, as experts have warned that lenders are looking to increase interest rates .
The Daily Telegraph reports providers are searching for legal ways to bring about these hikes for individuals on cheap tracker home loans or standard variable rates .
According to the newspaper, one such company is Manchester Building Society, which is upping its tracker rates for some homeowners even though its mortgages track the bank rate.
A representative of the organisation – which has been in operation since 1922 – explained this possibility was detailed in the terms of the arrangement, adding: “We have a duty to all of our borrowing and savings members and need to appropriately balance their competing interests.”
The spokesman described this as a “fine balancing act”, as for every borrower, the firm has around seven savings members.
He explained, however, that this development should only impact a small number of its users – but the move could be seen as a wider attempt to garner greater profit from existing customers by the industry as a whole.

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Find the Best Rates from Local Mortgage Advisers!
Finding the best mortgage advisers in your area is easy. Whether you're looking for buy to let, a residential mortgage, or a commercial loan, just enter your location into the form and answer a few questions. Then sit back and let the backend system do all the legwork to put you in touch with independent mortgage advisers near you!

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