14 June: Coventry, Santander Adjust Offers As Fears Grow
HSBC is increasing the cost of mortgage borrowing – its second rate rise in a week – against a backdrop of predictions that the Bank of England could raise base interest rates from 4.5% to 5% next week, writes Jo Thornhill.
The HSBC move will affect new customers and existing ones looking for a new product when their existing one comes to an end, or otherwise seeking a remortgage.
Its two- and five-year fixed rates for remortgage and product transfer (for existing customers looking for a new deal), plus its first-time buyer, home mover and buy-to-let fixed rates will increase from tomorrow (15 June).
Current rates will be withdrawn from the market at 5pm today.
The lender relaunched its fixed rate range for new business on Monday after temporarily pulling out of the broker market at the end of last week.
Coventry building society is also withdrawing rates for new residential and buy-to-let customers along with product transfer deals for existing customers. It is also suspending the sale of tracker deals indefinitely from 8pm tomorrow (15 June).
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Source: www.forbes.com
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