I’m amazed to read this morning that over christmas 7 lenders increased their mortgage rates – presumably over the past 3 weeks there have been some good days to hide bad news.

Today’s evil lender is the Manfield Building Society increasing from 5.24% to 5.59%.

This rate was already very high – you kind of understood when Nationwide released a ‘second tier’ standard rate a while back – their old standard rate was 2.5%, for all new customers it is 3.99. But 3.99 is still OK and Nationwide need to make a profit or else they’ll disappear.

So, the other 6 of the evil 7 are Ipswich Building Society, Skipton, Accord Mortgages, Scottish Building Society, Cambridge Building Society and Marsden Building Society

Anyway, you really want to know what to do I guess.

Well, if your mortgage is somewhere in the high 3% range or above, it will be worth considering changing mortgage, although it will depend on your personal circumstances as to whether you should change or not.

I’d recommend you speak to an Independent Financial Adviser, preferably one who is an expert on mortgages.