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.
Nationwide, HSBC and Kensington Raise Mortgage Rates
Nationwide, HSBC UK and Kensington Mortgages are all increasing rates on their mortgage products in July. The changes affect a range of residential and buy-to-let products, with specific details provided for some lenders.
Nationwide has raised rates across its existing business range from 24 July. The increases mainly apply to switcher and additional borrowing products. For example, Nationwide’s two-year fixed rate at 75% loan-to-value (LTV) is now 4.68%. The three-year fixed rate at 60% LTV is 4.58%, and at 80% LTV the new rate is 4.89%. The five-year fixed rate at 75% LTV has risen to 4.76%, and to 4.89% at both 80% and 85% LTV. At 90% LTV, the five-year fixed rate is now 5.04%. Nationwide is not increasing rates for existing borrowers moving house or on shared equity loans.
HSBC UK will increase rates across its residential and buy-to-let ranges from 27 July. No further details on the specific rate changes have been provided.
Kensington Mortgages will also raise rates on 27 July, with increases of up to 15 basis points (bps) on its 75% LTV buy-to-let products. The five-year fixed buy-to-let, prime, eKo and core loans from Kensington will go up by 15bps, both with and without the £4,000 fee. There will also be 10bps increases to its five-year buy-to-let, prime, eKo and core mortgages with a £1,499 fee.
These changes follow recent similar rate rises from other lenders, including NatWest, Halifax, TSB, Barclays, HSBC, Skipton Building Society and Santander.
Letting agents and inventory clerks should be aware of these rate changes, as they may impact landlord and tenant decisions in the current UK property market.
Source: Mortgage Strategy