Rates on TSB’s two and and five-year buy-to-let fixed house purchase and remortgage loans with a LTV of up to 70 per cent have been increased by up to 0.10 per cent while two and five year fixed house purchase and remortgage loans of 70-75 per cent LTV rates with a £995 fee have been increased by up to 0.20 per cent.
The maximum loan size on its buy-to-let mortgage up to 75 per cent LTV has been increased to £1m for both house purchase and remortgage.
TSB said it would be withdrawing its 10 year buy-to-let fixed house purchase and remortgage 0-75 per cent LTV £0 fee products.
Clydesdale Bank increases rates
Clydesdale Bank announced changes to two and five-year fixed rate deals.
Its 75 per cent LTV two-year fixed rate with a £999 fee will be increased to 1.48 per cent while its 80 per cent LTV five-year fixed rate offer will be increased to 1.93 per cent.
Heather Owen, a mortgage adviser at Quilter said lenders were already pricing in a steeper rate rise, with the Bank of England expected to raise rates again at its next meeting on 3 February.
She said: “We finally saw interest rates rise in December, though the increase was a modest 0.15 per cent. While not yet set in stone, many are anticipating a steeper rise to come from the MPC meeting on Thursday.
“While the Bank of England’s interest rates may still be low in comparison to those levels seen in years gone by, any increase will still have an impact. When coupled with the growing cost of living, and the now confirmed National Insurance increase looming in April, the pressures will be keenly felt by many.”
“If the rates once again increase as anticipated, those affected should be be seeking financial advice where possible to ensure they understand the impact of an interest rate increase on their personal finances, particularly if the impact is negative,” she added.
