A range of lenders have moved to raise mortgage rates following the Bank of England’s noon decision to hike the base rate by 50 basis points to 1.75%, the highest rate rise since 1995.
Santander for intermediaries says all Santander and Alliance & Leicester tracker mortgage products will increase by 50bps from 3 September, including Santander’s follow-on rate, which will increase from 4.50% to 5.00%.
All Alliance & Leicester mortgage products linked to the base rate will lift by 50bps from 1 September.
The Alliance & Leicester and Santander standard variable rates will rise by 50bps to 5.99% from the beginning of September.
Santander adds that all tracker rates and reversion rates on its new business and internal transfer products will increase in line with the base rate on 9 August.
HSBC says it has from today (4 August) lifted rates across a wide range of two and five-year products covering its residential existing customer switching, residential existing customer borrowing more, residential first-time buyer, residential remortgage and residential home mover ranges.
It has also raised rates across its two and five-year UK buy to let existing customer switching, UK buy to let existing customer borrowing more, UK BTL purchase, UK BTL remortgage, international residential new business and its international residential existing customer ranges.
The high street bank has also removed its two-year fixed-rate fee saver products from sale within the bank’s UK BTL purchase and remortgage ranges until further notice. It has also withdrawn its 75% two-year tracker products from its UK BTL ranges until further notice.
Leeds Building Society for intermediaries has made the following changes that only affect new mortgage applications.
The mutual says residential fixed-rate home loans will rise by up to 10bps. It has introduced two-year residential fixed-rates offers at 75%, 80% and 85% LTV.
Also, selected residential fixed-rate deals and two-year 70% LTV BTL and portfolio BTL products have been withdrawn.
It adds that two-year residential, interest-only and retirement interest-only ranges have been moved to November end dates.