Mortgage News
MPowered Mortgages to reprice two-year resi fixed rates; Suffolk ups SVR – round-up
MPowered Mortgages will withdraw its residential two-year fixed rate products tomorrow at 5:30pm, with new deals available after that time.
According to a broker note, the lender said that in “exceptional circumstances” it may have to withdraw earlier than planned but it would inform brokers if that was the case.
MPowered Mortgages said that any agreement in principle currently in progress would need to be submitted as a full mortgage application prior to 5:30pm tomorrow.
It added that applications submitted after this point will use new products.
A spokesperson for MPowered Mortgages said: “Given the movement in swap markets and interest rates, we, like any other lender are needing to reprice our products. However, we always aim to keep our products as competitively priced as possible as we pride ourselves on offering both the best service and products which meet the needs of borrowers in this fast-changing marketplace.”
Suffolk BS ups SVR
Suffolk Building Society has increased its standard variable rate to 8.69 per cent following the base rate increase in June to five per cent.
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The change will be effective from 1 August and existing borrowers with a discount rate or paying the SCR will see their interest rate change in line with the increase from that date.
Existing base rate tracker mortgage account holders will also see the increase applied from 1 August.