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.
Santander and Accord Raise Fixed Mortgage Rates
Santander has announced that it will increase fixed mortgage rates across its new business range, effective from 22 July. The lender will also expand its offering with new 10-year fixed products for first-time buyers and home movers, covering multiple loan-to-value (LTV) bands, including new build properties.
Additionally, Santander will introduce new two- and five-year fixed rates with a £1,499 fee specifically for new build clients. Most product transfer residential and buy-to-let (BTL) fixed rates will also see increases. However, there will be no changes to tracker rates in Santander’s new business and product transfer ranges.
Accord Mortgages has also announced price increases across its residential and BTL new business products. Within Accord’s residential range, fixed rates up to 85% LTV will rise by as much as 0.26%, and fixed rates at 90% LTV will increase by up to 0.22% or decrease by up to 0.11%. Accord will also adjust tracker rates, increasing them by up to 0.03% or reducing them by as much as 0.16%.
For buy-to-let products, Accord’s two- and three-year fixes on all LTVs will rise by up to 0.07%, and five-year fixes will increase by as much as 0.09%. Tracker rates on all LTVs will rise by up to 0.07%.
Meanwhile, Newcastle for Intermediaries has relaunched its joint mortgage sole proprietor range, stating the relaunch is intended to better reflect the changing needs of today’s homebuyers.
These changes may impact letting agents and inventory clerks by influencing mortgage costs for landlords and homebuyers, potentially affecting demand for rental properties and new build homes.
Source: Mortgage Strategy