Mortgage lenders HSBC, TSB and Santander have all increased their mortgage rates this week, alongside a lot of other lenders in what seems to be a bout of mass hysteria from the banks. Since the Bank of England pushed the base rate up to 1.25% the other month, lenders have been rushing to push their rates up on a weekly (sometimes daily) basis. The latest rate hikes are as follows:
- HSBC increased rates across mortgage products between 0.10% and 0.30%.
- HSBC’s buy-to-let range will also see some increases to rates:
- For two-year fixes, the 95% LTV fee saver has gone up by 0.15% to 3.84% while the 90% LTV with a £999 fee has risen by 0.10 to 3.29%, For five-year fixes, the 95% LTV fee saver has increased by 0.25% to 3.94% and the 90% LTV with a £999 product fee has gone up by 0.25% to 3.44%.
HSBC have commented: “We continually review our Mortgage range and take a number of factors into account when setting rates. Upon review, we have today we have made changes to some of our Existing Customer mortgage rates.”
Santander have also announced they will be updating their residential and buy-to-let affordability rates from 27th of July. They have also said that for residential applications, they will increase the minimum national insurance threshold to £12,570 in line with government changes. They will also update the household expenditure figures to reflect ONS data.
TSB are also increasing rates across their residential product transfer and buy-to-let product transfer range. 2-year and 10-year fixed rate products for residential product transfers will go up by 0.50%, while 2-year and 5-year fixed rate products between 0% and 75% LTV for buy-to-let product transfers will go up by 0.50%.
If you or anyone else you know is worried about rate rises, don’t sit in silence. Feel free to give our expert team a call who are on hand to help you with everything you need.