Today, both Nationwide Building Society and Bank of Ireland have announced new mortgage rates and products after withdrawing several existing products in the last week. The new products for Bank of Ireland are specifically for their buy-to-let mortgage offerings whereas Nationwide have announced changes for fixed rate and tracker rate products in their new business, switcher, additional borrowing and existing customer moving home ranges. We will go through some of these new rates in this article. We will also go through Uswitch’s latest average UK mortgage rate update that was sent to brokers this afternoon.
New Mortgage Rates From Nationwide
As we can see from the latest new business products released by Nationwide, the lender has mostly increased their product offerings in line with a lot of other lenders who have also increased their rates this week. These increases to rates come after it was announced that UK inflation had dropped from 10% to 8.7% since the last base rate rise. Although inflation has taken a positive drop, it is not nearly close to the 2% figure that the Bank of England is hoping for. This, to many lenders, signalled that another base rate rise would be imminent and so they have increased their rates.
As with the new business product releases, the existing business offerings have mostly increased too. We can also see that the majority of the tracker rate offerings have gone down, which is interesting to see. Tracker rate mortgages follow the bank of England base rate.
New Mortgage Rates From Bank of Ireland
As we have already said, Bank of Ireland have also increased their new mortgage rates for buy to let deals. Above is the offering that will be available from the 9th of June 2023. 2 year fixed rate products have risen by as much as 0.20%. 5 year fixed rate products have also risen by as much as 0.34% since they were withdrawn last week.
Average UK Mortgage Rates
Every week Uswitch releases a breakdown of the average UK mortgage rates to brokers. Here is a breakdown of these residential rate changes based on national averages:
- Two-year fixed-rate mortgage (75% LTV) previously was 5.64% now is 5.94% an increase of +0.3%
- Five-year fixed-rate mortgage rate (75% LTV) previously was 5.04% now is 5.59% an increase of +0.55%
- Two-year variable-rate mortgage rate (75% LTV) previously was 5.09% now is 5.14% an increase of +0.05%
- Two-year fixed-rate mortgage (90% LTV) previously was 5.28% now is 5.67% an increase of +0.39%
- Standard variable rate (SVR) previously was 7.75% now is 7.99% an increase of +0.24%
Here is a breakdown of the averages from the big six lenders Nationwide, Santander, HSBC, Halifax, Barclays, NatWest and Lloyds Bank:
- Two-year fixed-rate mortgage (75% LTV) previously was 4.89% now is 5.19% an increase of +0.3%
- Five-year fixed-rate mortgage rate (75% LTV) previously was 4.34% now is 4.64% an increase of +0.3%
- Two-year variable-rate mortgage rate (75% LTV) previously was 5% now is 5.02% an increase of +0.02%
- Two-year fixed-rate mortgage (90% LTV) previously was 5.25% now is 5.38% an increase of +0.13%
- Standard variable rate (SVR) previously was 7.74% now is 7.49% a decrease of -0.25%
Speak To a Mortgage Advisor To Get the Best Mortgage Rates
The best way to ensure that you get the best and most competitive mortgage rates in a tricky market is to speak with a mortgage advisor. Call our team of advisors today for free to see how we can help. You can also drop us an email.