Mortgage lenders still raising rates following Bank of England increase
A host of banks and building societies have increased their mortgage rates on the back of the latest Bank of England base rate change.
Nationwide for Intermediaries has raised selected fixed-rate mortgages by up to 0.30% across its new customer and existing borrower product ranges. It also increased its tracker rates by 0.25%.
NatWest for Intermediaries has raised its property and remortgage rates twice in just over a week. In the first set of changes, some two- and five-year fixes were up by 0.35%, and they went up again by 0.15%.
HSBC has increased selected fixed-rate mortgages by 0.25%, while Accord Mortgages has also increased rates across its entire residential range.
Halifax for Intermediaries has made its ten-year fixes available to home movers and first-time buyers, rather than limiting them to remortgaging customers.
Aaron Strutt, product director at Trinity Financial, says: “Over the last few months, there have been consistent rate rises, some of which have been quite significant. It is surprising rates are not more expensive given the scale of the changes. HSBC for Intermediaries has changed its mortgage rates at least 13 times this year. "
What is the average price of a two-year fix?
According to figures from Moneyfacts, the average price for a two-year fix moved to 3.03% this month. This is the highest rate Moneyfacts has recorded since March 2015, when the average two-year fix came to 3.06%, which means that the price has increased by 0.69% this year.
Moneyfacts data also shows that overall product numbers have gone up, from 4,925 in April to 5,087.
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