Barclays has confirmed it is to raise rates across a host of products on its residential, Help to Buy, reward and buy-to-let ranges, effective from tomorrow.
In total, 62 products will see their rates increase by up to 12bps.
The lender blamed the recent increase in the cost of funds for the increases.
It comes after NatWest yesterday raised rates, which it said reflected market conditions.
Barclays is however cutting the price of one of its home loans. The interest rate on its 10-year fix at 60% LTV is to be cut by 10bps to 2.59%.
Discounted deals from Accord
At the same time, Accord is launching a new range of seven two-year discounted standard variable rate (SVR) deals.
The deals are available from 60% to 95% LTV and track the lender’s SVR which is currently 4.99%.
The range comes with a £495 product fee and free standard valuation, with the exception of a 60% LTV deal which has a current pay rate of 0.97%.
This product has a £1,495 fee and no additional features.
Ben Merritt, mortgage manager at Accord, said: “It’s important that brokers reinforce the variable rate message to help their customers factor it into their budget but nonetheless we’re sure our new mortgages will appeal to borrowers looking for flexibility and competitive monthly repayments over a short period.”
The Mortgage Works axes age limits for dab hand landlords
The Mortgage Works is removing the maximum age limit for experienced landlords on mortgages at less than 65% LTV from 18th April.
Currently there is a maximum age at application of 70, which will remain in place for those borrowing at more than 65% LTV or first-time landlords.
Paul Wootton, director of specialist lending at the lender, said: “The group of experienced landlords is both growing and growing older, and market options are more limited for retirees seeking to retain their buy to let properties in order to supplement their pension.”
Self-build deal from Ipswich
Ipswich Building Society has launched a new self-build two-year discount mortgage. The deal is a 1.39% discount from the lender’s standard variable rate, giving it a current pay rate of 4.10%.
It is available up to 80% LTV, with a maximum loan size of £500,000, and comes with a completion fee of £1,000 and application fee of £199.
The deal includes a 50% fee-free overpayment facility, allowing borrowers to overpay by up to half of the original loan amount without facing any penalties. An early repayment charge of 3% applies but only for the first year, dropping to zero after 12 months.
Richard Norrington, Ipswich’s chief executive, said the mutual was keen to support self-build borrowers who are “typically under-served” by the mainstream market.
He added: “Our manual approach to mortgage underwriting allows us to remain flexible in offering innovative products to some of the UK’s so-called mortgage misfits, those who are often overlooked by other lenders because they do not meet ‘standard’ criteria for lending.”
Fixed rates from Leek United
Leek United has launched two new five-year fixed rates.
Both deals are available up to 90% LTV. One comes with an interest rate of 2.59%, an application fee of £100 and an £895 product fee. A fee-free version is available at a rate of 3.29%.