Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Halifax, TSB, BM Solutions and HSBC Raise Mortgage Rates
Major UK mortgage lenders Halifax, TSB, BM Solutions and HSBC have announced further increases to their mortgage rates. The changes affect a range of residential and buy-to-let (BTL) products, with most new rates coming into effect from tomorrow, while HSBC's increases are effective today.
Halifax has raised rates on selected two-, three- and five-year fixed rate mortgages for homemovers, first-time buyers, remortgage customers, and existing borrowers switching deals. Increases for homemover and first-time buyer products are up to 0.15 percentage points, while selected remortgage products have risen by up to 0.2 percentage points. For existing customers completing a product transfer, selected two- and five-year fixed rate deals have increased by up to 0.1 percentage points.
TSB has also announced rate rises across its residential and BTL mortgage ranges. For residential customers, three-year fixed house purchase and remortgage products have increased by up to 0.2 percentage points, and selected five-year fixed products by up to 0.15 percentage points. Five-year fixed affordable housing purchase products have also risen by up to 0.15 percentage points. In the BTL sector, two- and five-year fixed products up to 75% loan to value (LTV) for house purchase have increased by up to 0.2 percentage points, while selected two- and five-year fixed remortgage products at 60-75% LTV have risen by 0.1 percentage points.
BM Solutions has increased rates across its personal ownership BTL and let-to-buy product ranges. For purchase borrowers, selected two-, three- and five-year fixed rate products have risen by up to 0.1 percentage points. Selected remortgage products in these ranges have also increased by up to 0.1 percentage points.
HSBC has raised rates across its product ranges, with changes effective today. The first-time buyer, maximum 95% LTV, five-year fixed fee saver product has increased from 5.33% to 5.53%. The first-time buyer, maximum 60% LTV, five-year fixed high-value mortgage rate has risen from 4.79% to 4.95%. The homemover energy-efficient home, maximum 95% LTV, five-year fixed fee saver rate has increased from 5.24% to 5.40%. Additionally, the first-time buyer, maximum 80% LTV, five-year fixed fee saver rate has gone up from 4.82% to 4.97%.
These rate changes may impact affordability and borrowing costs for landlords, letting agents, and inventory clerks managing property portfolios or supporting clients with new purchases and remortgages.
Source: Mortgage Solutions