Barclays, Halifax, Santander, HSBC and TSB hike mortgage rates by up to 0.3%
Tags: Remortgages, Residential mortgages
Quick Summary
Barclays, Halifax, Santander, HSBC and TSB have increased selected mortgage rates by up to 0.3 percentage points as higher wholesale funding costs put pressure on pricing. The changes affect a range of residential, buy-to-let, purchase, remortgage and existing-customer products, with Halifax also raising some tracker mortgage rates, which means its sub-4% tracker is being pulled.
The latest repricing shows how quickly the mortgage market can change. Borrowers buying a property, remortgaging or approaching the end of a fixed deal may benefit from securing a competitive rate before further increases are announced. Trinity Financial’s mortgage brokers can compare fixed and tracker mortgages from more than 90 lenders and help clients identify the most suitable available deal. Mortgage rates and lending criteria remain subject to change.
Barclays, Halifax, HSBC, Santander and TSB are increasing selected mortgage rates by up to 0.3 percentage points as rising wholesale funding costs put pressure on lenders.
Halifax is raising two, three and five-year fixed rates for first-time buyers and home movers, while some tracker rates will also increase. Barclays is repricing purchase, remortgage and existing-customer deals, and HSBC is increasing rates across parts of its residential and buy-to-let ranges.
The latest changes follow rate rises from several other major lenders and highlight how quickly mortgage pricing can change. Borrowers approaching a purchase or remortgage may want to secure a competitive deal early, as further increases could follow.
Aaron Strutt, Trinity Financial product director, says: “This Halifax rate change probably means that Lloyds will be pushing up its cheap fixes as well, which undercut virtually all of the other lenders by quite some margin.
“We are starting to see most of the lenders raising their fixes, and Halifax is even making its trackers more expensive, which means it will no longer offer sub-4% variable rate deals. We can probably expect a few more rate changes over the next few days, so it is unlikely to be worth holding off booking a rate if you are buying somewhere or remortgaging. There are still two-year fixes and five-year fixes priced around 4.5%."
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The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.
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