27 June: TSB Joins Throng Of Lenders Hiking Cost Of Borrowing
HSBC is increasing the cost of its fixed rate mortgages from tomorrow (28 June), following Santander, Virgin Money and TSB, writes Jo Thornhill.
A spokesperson at the bank said: “We’re firmly focused on supporting customers in the current environment, but, like other banks, we have to reflect significant market movements in our mortgage rates, and these are changing from tomorrow.”
Product transfer deals for existing HSBC customers, international applications and buy-to-let rates through brokers will be available at current rates until midnight tonight (27 June). Current rates for new residential applications through brokers – for purchase and remortgage – will be available only until 5pm today.
TSB has said it is increasing the cost of its two and five-year fixed rates for purchase and remortgage by up to 0.35 percentage points from tomorrow (28 June). Buy-to-let rates, product transfer deals and additional borrowing fixed rates will also increase at the same time, by up to 0.3 percentage points.
The bank’s two-year fixed rate for remortgage will start from 5.74% (60% LTV) and five-year remortgage rates from 5.34% (60% LTV).
Nick Mendes, mortgage technical manager at broker John Charcol, said: “HSBC has taken four times the normal level of business in the last few days due to its highly competitive fixed rates, but this is putting pressure on service levels.
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Source: www.forbes.com
ENB
Sandstone Group
