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Mortgage lenders remove collars Mortgage lenders remove collars

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Old 09-12-2008, 10:01 AM
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Default Mortgage lenders remove collars
In light of the recent Bank of England Base rate cut both Halifax and Nationwide have decided to remove the 'collar' on their tracker rate mortgages which would have effectively meant the benefit of last months cut being totally lost.

This will prove welcome news for many homeowners and it was defintiely good to see the lenders react as they have.

It should also be important to note that anyone whom possesses a tracker rate mortgage with UCB Homeloans (Nationwide's sister company) will also see their collar's removed.
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Old 09-12-2008, 11:41 AM
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The FSA was threatening to take action against collars, so better to pre-empt at present I think.
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