Halifax tracker rate increase mid application process

[GreedyGorila]

I applied for a tracker LTV mortgage in August and sent in all of required documentation based on the rate available at the time of ecb+.6%. I had not received any comunication from Halifax since and phoned to-day for a status to be told that this tracker rate is no longer available and the new rate is now ecb+1%. I requested if the original rate which was provided in writing via the application form can still be offered, to be told no. Can they do this? is this common practice?

Just really annoyed that they didn't even contact me to let me know.

Previous to this I had started an application for NIB's LTV tracker rate earlier in summer where it was agreed that the legal fees were to be covered then just by chance I was informed by email that this was no longer the case and I would have to cover the legal fees myself so then decided to go with Halifax instead......

Is ecb+1% a good rate given market conditions at the minute? I am moving from EBS and currently on the variable rate.

Thks

 

[ClubMan]

phoned to-day for a status to be told that this tracker rate is no longer available and the new rate is now ecb+1%. I requested if the original rate which was provided in writing via the application form can still be offered, to be told no. Can they do this?

Almost certainly their approval in principle allows them to change the rate at any time up to drawdown. Check the small print.

is this common practice?

These days quite likely.

 

[NorfBank]

The best tracker out there is ECB + 0.9% (loan to value less than 50%) so ECB + 1% (5.25%)is a decent rate.
There are also some good fixed rates out there with a 2 and 3 year fixed at 5.2%.

 

[irishlinks]

Your LTV must be under 50% to be getting that rate from Halifax?
They are still contributing towards legal fees for switchers aren't they? If they are - it's a good offer.