HSBC has made a slew of changes and increases to its residential and buy to let mortgage products.
The bank is introducing a new UK BTL product that features a £3,999 fee for both two- and five-year fixed rates, available for both purchase and remortgage customers across all loan-to-value ratios.
For existing residential customers considering switching or borrowing more, there will be increases in rates across various products.
This includes hikes in the two- and five-year Fixed Fee Saver mortgages at LTVs of 60, 70, 75 and 90%, and the two— and three-year Fixed Standard mortgages at LTVs of 60, 70, and 75%.
NatWest, too, is updating rates within its existing customer mortgage product range, specifically in the two- and five-year fixed rate switcher options.
For the two-year fixed rate switcher, there’s an increase from 5.15% to 5.27% for a mortgage at 60% loan-to-value with no product fee. Another 60% LTV mortgage will see its rate rise from 4.99% to 5.04%,but with a fee of £495.
There’s also a rate change from 4.79% to 4.89% will occur for a 60% LTV mortgage with a £995 fee. Additionally, a mortgage at 75% LTV will see a rate rise from 5.25% to 5.32%, with no product fee.
For the five-year fixed rate switcher, a 60% LTV product with a £995 fee will have a rate hike from 4.49 to 4.53%. Another 60% LTV mortgage with a £495 fee will adjust its rate from 4.59 to 4.64%. Also, a 60% LTV option without a product fee will see a rate increase from 4.69 to 4.79%.
Virgin Money, too, has increased rates.
In its Core range, residential purchase two- and five-year fixes have risen by up to 20bps; 65 and 75% loan to value product transfer two-, three- and five-year fixed rates are up 10bps.
On Virgin’s Exclusives range, Own New fixes are up 10bps; Selected Fix and Switch residential fixes are up by up to 16bps; Fix and Switch buy-to-let fixes increase by up to 10 bps; 90% LTV Purchase fixed rates rise by up to 12bps; Selected 60% and 75% BTL fixed rates increase by up to 14bps; and 65 and 75% Remortgage five-year fixes have risen 15bps.
Meanwhile Barclays Mortgages reduced rates across a selection of residential purchase products.
The changes include a reduction in the two-year fixed rate mortgage from 5.23 to 4.99% with an £899 product fee at 85% loan-to-value, applicable to loans between £5,000 and £2m.
Another two-year fixed rate mortgage will see rates decrease from 5.57 to 5.18% with no product fee and the same 85% LTV, for loans ranging from £5,000 to £2m. Additionally, the five-year fixed rate mortgage will drop from 4.92 to 4.78% with an £899 product fee at 85% LTV for loans between £5,000 and £2m.
And a second five-year fixed rate mortgage with no product fee will see a reduction from 5.13% to 4.95% at 85% LTV, also applicable to loans from £5,000 to £2m.
The revised rates from Barclays, NatWest and HSBC were applied from earlier this week.
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