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, Virgin Money and Accord Announce Mortgage Rate Changes
Halifax has increased rates for homemover and first-time buyer mortgages by up to 0.12%, with remortgage, product transfer and further advance deals rising by 0.05%. Virgin Money has raised its buy-to-let (BTL) product transfer rates by up to 0.15%, while Accord has reduced its BTL rates for 80% loan-to-value (LTV) fixed products by 0.1%.
According to Mortgage Solutions, the changes from Halifax affect selected two-, three- and five-year fixed products. Virgin Money's adjustments also apply to selected two-, three- and five-year fixed rates. In contrast, Accord's rate cuts will take effect from Thursday 6 August.
The report notes that purchase and remortgage prices for some products will see slight reductions. Two-year fixed rates and shared ownership fixes will be trimmed by up to 0.07%, while five-year fixes and remortgage two-year fixed rates will be cut by 0.06%. Five-year fixes for remortgages will be reduced by 0.08%.
Last month, Mortgage Solutions reported that several high street lenders had increased mortgage pricing due to ongoing uncertainty related to the conflict in the Middle East.
These changes may impact letting agents and inventory clerks monitoring mortgage trends for landlords and property investors, particularly in the buy-to-let sector.
Source: Mortgage Solutions