Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Barclays, CHL and Nottingham Building Society have announced further rate increases on a range of mortgage products this week. The changes affect both residential and buy-to-let deals, with several other major lenders also repricing recently.
Barclays is set to raise rates by up to 14 basis points across 79 different products from tomorrow. The increases apply to both residential and buy-to-let mortgages. Notably, the 3.99% two-year tracker and 4.63% three-year fixed rates will remain unchanged, but the 4.49% two-year and 4.53% five-year fixed rates are among those going up.
The largest increases are on residential purchase-only deals, particularly for 60% and 75% loan-to-value (LTV) two-year fixed rates, which are rising by 14 basis points. For example, a 60% LTV two-year fixed with an £899 fee will increase to 4.63%, while the fee-free alternative will rise to 4.83%. At 75% LTV, the two-year fixed with an £899 fee will go up to 4.88%, and the fee-free option will increase to 5.07%. Other higher LTV deals are also seeing rate rises.
Some existing residential customer reward rates at Barclays are climbing by up to 12 basis points, and new customer remortgage deals are increasing by up to 11 basis points. Many of Barclays’ buy-to-let rates will rise by 7 basis points.
Separately, CHL is withdrawing its limited edition products today and will relaunch them tomorrow with rates that are 35 basis points higher. Nottingham Building Society is increasing retention fixed rates by 25 basis points on Friday.
Other major lenders, including Halifax, BM Solutions, TSB, Santander and Clydesdale, have also repriced their products so far this week.
These changes may impact letting agents and inventory clerks by influencing landlord and investor decisions regarding buy-to-let mortgages and remortgaging options.
Source: Mortgage Strategy