Mortgage Rate Rises Arrive Before Next BoE Meeting

The Bank of England’s next monetary policy committee meeting is scheduled to take place on the 11th of May however, it seems that lots of lenders are already jumping the gun and introducing mortgage rate rises across their product offerings. Some lenders are also reducing selected product offering. Which lenders have announced rate hikes so far? Below is a breakdown of some of the major lenders making changes to their rates.

HSBC Rate Rises and Reductions

HSBC have announced that from Wednesday the 3rd of May, they’ll be making the following changes to their residential and Buy to Let (BTL) mortgage product ranges. Exact rate offering have not yet been released:

Existing residential customer switching / borrowing more

• 2, 3 & 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 2, 3 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 5 Year Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 10 Year Fixed Rate Fee Saver at 60%, 70%, 75% and 80% LTV increased
• 10 Year Fixed Rate Standard at 60%, 70%, 75% and 80% LTV increased

Residential first time buyer / home mover

• 2 & 3 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 2, 3 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85%, 90% and 95% LTV increased
• 5 Year Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV increased

Residential remortgage

• 2 & 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 2 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 3 Year Fixed Fee Saver at 60%, 70%, 75%, 85% and 90% LTV increased
• 3 Year Fixed Standard at 60%, 70% and 75% LTV increased
• 5 Year Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV increased
• 10 Year Fixed Rate Fee Saver at 60%, 70%, 75% and 80% LTV increased
• 10 Year Fixed Rate Standard at 60%, 70%, 75% and 80% LTV increased

International residential

• 2, 3 & 5 Year Fixed Fee Saver at 60%, 70% and 75% LTV increased
• 2, 3 & 5 Year Fixed Standard at 60%, 70% and 75% LTV increased
• 5 Year Premier Exclusive at 60%, 70% and 75% LTV increased

Existing BTL customer switching / borrowing more

• 2 & 5 Year Fixed Fee Saver at 60%, 65% and 75% LTV decreased
• 2 Year Fixed Standard at 60% and 65% LTV decreased
• 5 Year Fixed Standard at 60%, 65% and 75% LTV decreased

BTL purchase

• 2 & 5 Year Fixed Fee Saver at 60%, 65% and 75% LTV decreased
• 2 Year Fixed Standard at 60% and 65% LTV decreased
• 5 Year Fixed Standard at 60%, 65% and 75% LTV decreased

BTL remortgage

• 2 & 5 Year Fixed Fee Saver at 60%, 65% and 75% LTV decreased
• 2 Year Fixed Standard at 60%, 65% and 75% LTV decreased
• 5 Year Fixed Standard at 65% and 75% LTV decreased

Halifax Product Rate Increases

Halifax have announced that from Thursday the 4th of May they will be making rate increases across their entire homebuyer product range. Some of the highlights from these rate increases are:

• 2 Year Fixed Rate 60% LTV at 4.80% No Fee
• 5 year Fixed Rate 60% LTV at 4.44% No Fee
• 2 Year Fixed Rate 95% LTV at 5.50% No Fee
• 5 year Fixed Rate 95% LTV at 5.24% No Fee

• 2 Year Fixed Rate 60% LTV at 4.54% £999 Fee
• 5 year Fixed Rate 60% LTV at 4.33% £999 Fee
• 2 Year Fixed Rate 95% LTV at 5.34% £999 Fee
• 5 year Fixed Rate 95% LTV at 5.13% £999 Fee

NatWest Rates Going Up

From Wednesday the 3rd of May, NatWest will be making the following changes to their product offerings. Exact rates not yet released:

New Business Rate Changes

• Purchase: Rate increase of 10bps on selected 2 and 5 year deals.
• Remortgage: Rate increase of up to 15bp and 16bps on selected 2 and 5 year deals.
• First time buyer: Rate increase of 10bps on selected 2 and 5 year deals.
• Shared equity – purchase: Rate increase of 10bps on selected 2 and 5 year deals.
• Help to Buy shared equity – remortgage: Rate increase of up to 20bps and 21bp on selected 2 and 5 year deals.
• Green – purchase: Rate increase of 10bps on selected 2 and 5 year deals.
• Green – remortgage: Rate increase of up to 20bps and 21bps on selected 2 and 5 year deals.

New Business Rate Changes and cashback changes

• Remortgage: Rate increase of up to 13bp and 15bps on selected 2 and 5 year deals, with cashback increasing to £500.

Existing Customer Rate Changes

• Switcher: Rate increase of up to 18bp and 21bps on selected 2 and 5 year deals.
• Switcher – tracker: Rate decreases of up to 81bps on selected 2 year deals.

Coventry Building Society Raise All Rates

Coventry have announced that from 8am Friday the 5th of May, they will be making the following changes to their products. No specific product rates have been revealed yet:

• Increasing all Fixed New Business rates at 65-85% LTV
• Increasing all Offset, Interest-only & Offset Interest-only New Business rates
• Increasing all Fixed BTL and Portfolio BTL New Business rates

Speak To a Mortgage Advisor

Jade Pinkerton and Louis Mason from Oportfolio Mortgages with representatives of HSBC

To go through all the specific rate rises and products that might be available to you, give our team at Oportfolio Mortgages a call today. We are here to help and can guide you towards the most competitive rate for your circumstances.