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.
Clydesdale and Foundation Raise Rates, Precise and Newcastle Withdraw Products
Clydesdale and Foundation have announced increases to mortgage rates, while Precise and Newcastle are withdrawing products ahead of repricing.
Clydesdale is set to raise rates on its residential product transfer deals tomorrow. The lender will increase two and five-year fixed rates in its core range by up to 23 basis points. Additionally, Clydesdale is withdrawing a number of two and five-year fixed products at 90% loan-to-value (LTV) for product transfers.
Foundation has raised rates on both buy-to-let and residential products, with changes effective today. For buy-to-let borrowers, selected F1, houses in multiple occupation (HMO), and multi-unit freehold block (MUFB) specials at 80% LTV have increased by up to 20 basis points. Core F1, F2, and F3 buy-to-let products have seen increases of up to 15 basis points. On the residential side, selected F1 deals have risen by up to 10 basis points. Foundation has also withdrawn some deals.
Precise is withdrawing some regulated bridging products at 5pm today, including standard, light refurbishment, and heavy refurbishment ranges. New products with higher rates are expected to launch tomorrow. Developer exit and non-regulated bridging products will remain unchanged.
Newcastle Building Society is withdrawing a number of products at 5pm today. The lender has not yet announced what will replace these withdrawn products.
These changes may impact letting agents and inventory clerks who work with landlords and property investors, particularly those seeking new mortgage or bridging finance options.
Source: Mortgage Strategy