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- It follows other major lenders, NatWest and Santander, which have both announced rate hikes to fixed rate borrowing, also effective from tomorrow.
- TBS is increasing the rate on its five-year fixed rate mortgage deals (at 85percent LTV) by up to 0.2 percentage points for purchase and remortgage.
- In contrast, mortgage deals taken up until 20 November will still revert to the bank’s ‘Follow-on’ rate, which is 8.5percent.
- These are deals for new borrowers looking to purchase or remortgage at high loan to values (85percent or higher and not for new build property).
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It is offering a 10-year fix at 4.34percent for first time buyers at 75percent LTV and with a 999 fee. Accord, the specialist lending arm of Yorkshire building society, has cut fixed rates for buy-to-let borrowers by up to 0.24 percentage points, effective from tomorrow . It is offering a five-year fix at 5percent (65percent LTV) with a 495 fee. It has a two-year fix for house purchase at 5.84percent (75percent LTV) with no fee and 500 cashback. The fee-free two-year fix for remortgage is now 5.71percent (75percent LTV).
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Separately, the Office for National Statistics says 630,000 fixed rate deals of all durations will come to an end in the remainder of 2023. It follows the withdrawal of mortgage products and increased rates across the market over the past two weeks as lenders reacted to April’s higher than expected inflation figures. HSBC has returned to the mortgage broker market with increased rates on its remortgage products following its temporary withdrawal last week, writes Jo Thornhill. The increases follows hikes of up to 0.25 percentage points to fixed rates by the lender last week. Specialist lender Precise Mortgages is withdrawing buy-to-let deals at 75percent loan to value. Those on fixed rates will face higher rates when their current arrangement expires.
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All deals are up to a maximum 70percent loan to value and have a 2,499 fee. The average cost of a two-year fixed rate https://happy-gambler.com/maximum-casino/ residential mortgage is creeping close to 7percent, according to Moneyfacts today. Average two-year rates rose to 6.78percent this morning – up from 6.75percent yesterday.
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Santander has unveiled its latest fixed-rate deals for new customers following the announcement of its 0.21 percentage point rate cut yesterday . The new deals include a competitive five-year remortgage offer with a fixed rate at 4.34percent. The lender’s two-year fixed rate for home purchase is now at 4.63percent with a 999 fee, for borrowers with at least 40percent deposit (60percent loan to value). The equivalent five-year rate starts from 4.39percent (also 60percent LTV). The bank’s new two-year fixed rate for remortgage will start from 5.19percent (previously at 4.84percent) with a 995 fee (60percent LTV) and five-year equivalent deals will start from 4.69percent (4.39percent). Deals for shared ownership and shared equity mortgages are set to rise by up to 0.75 percentage points.
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