Find out what’s happening with mortgage rates today and calculate monthly repayments across a range of different rates and deals.
4 June: Building Societies Pulling High LTV Deals
HSBC has increased the cost of selected fixed-rate mortgage deals across its residential and buy-to-let ranges, writes Jo Thornhill.
Its new remortgage rates, available direct and through brokers, start from 4.99% for a two-year fixed rate (60% LTV) with a £999 fee and 4.54% over five-years.
A number of the bank’s product transfer deals (rates available to existing HSBC customers looking to switch), have also been increased.
Brokers are braced for more lenders to increase rates this week. This is due to rises in swap rates, the rates banks use to lend to each other, as hopes fade for a cut to the Bank of England Bank Rate in June.
The reduction – from the current rate of 5.25%, probably to 5% – is now expected in August.
A number of smaller lenders, including the Hanley Economic, Principality, Saffron and Vernon building societies, have withdrawn selected…
