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.
Halifax, BM Solutions, Accord and InterBay Announce Rate Increases
Halifax Intermediaries, BM Solutions, Accord Mortgages and InterBay are set to increase rates on selected mortgage and buy-to-let products from 9 September. The changes affect a range of fixed rate products and include the withdrawal and relaunch of some buy-to-let offerings.
Halifax Intermediaries will raise home move and first-time buyer rates by up to 0.12% on selected fixed rate products. The lender will also increase the rate on its remortgage 60% loan-to-value (LTV) two-year fixed product with a £1,999 fee by 0.18%. No changes have been made to Halifax’s product transfer and further advance products.
BM Solutions is increasing rates on its personal ownership buy-to-let and let-to-buy products by up to 0.29% on selected two-, three- and five-year fixed rates. Product transfer, further advance and limited company buy-to-let rates from BM Solutions remain unchanged.
Accord Mortgages will increase fixed rates across all residential lending ranges and buy-to-let new business. Residential new business, product transfers and additional loans fixed rates will rise by 0.15%. Buy-to-let new business fixed rates will increase by 0.25%, and end dates will be extended to the end of January.
InterBay has announced it will withdraw buy-to-let products, including product transfers, at 5pm on 8 September. The lender plans to launch a new range with higher rates from 9 September.
These changes follow similar rate increases announced by other lenders, including Barclays, TSB, Skipton Intermediaries, Nottingham Building Society and The Co-operative Bank for intermediaries.
Letting agents and inventory clerks should be aware of these changes, as they may impact mortgage options and costs for landlords and property investors.
Source: Mortgage Strategy