Banks To Introduce New Charges
There has been a great deal of criticism blasted in the direction of banks, as they raise the cost of ‘tracker’ mortgages and suggest the introduction of new types of charges that they have dreamt up.
‘Tracker’ mortgage rates have been increased despite the Bank of England cutting rates.
Banks have stated that the average rates of tracker mortgages have increased from 6.12% in September to 6.84% in October.
This is contradictory of the recent promise that banks made to pass the benefit of a rates slashing onto customers. So customers with tracker mortgages of say £150,000, will mean an £800 increase per year, for disgruntled customers.
Borrowers are surely to be truly disappointed that they will not benefit from the cut in interest rates. With tracker mortgages being more popular at present than they have ever been before, a lot of customers are going to be beside themselves with financial difficulty. It is estimated that around a third of homeowners in Britain have tracker mortgages.
A mad rush has ensued, with customers moving quickly, in an attempt to pull their tracker mortgages.
This in itself is absolutely terrible news, but when it is added to further bank orchestrated profligacy, things appear to be yawing even further in the direction of despair for the average customer.
It is thought that across the board, banks are planning to introduce charges on for using cash machines, as well as introducing charges for the writing of a cheque.
It is thought to be only a matter of time before free banking becomes but a vanishing memory.
It is understood that the banks are also planning to introduce charges of anything between £5 - £20 for customers just to have a current account.