Tuesday 22 August 2017

Charlie Weston: Banks are operating financial apartheid

IT will probably become known as financial apartheid, and you can bet your life it will become a big issue this year.

The decision of Permanent TSB to hike the interest rate it charges on its standard variable rate mortgages by 0.5pc, to be quickly followed by other lenders, will bring into sharp focus how lenders punish customer loyalty.

With standard variable rates heading upwards, in a move that will impact up to 350,000 people, many homeowners with these mortgages will be looking at locking into some of the historically-low fixed rates on offer.

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