Nationwide has confirmed that from tomorrow, it is making changes to a host of fixed and tracker rate products.
The changes apply to both new and existing customer products, across a range of mortgage terms. For first-time buyers and remortgage borrowers, as well as switcher and further advance borrowers, rates are increasing by between 0.05 per cent and 0.25 per cent, while for homemovers rates are jumping by between 0.05 per cent and 0.3 per cent.
For example, the two-year fixed rate for new customers at 60 per cent loan to value (LTV) now comes with a 2.54 per cent rate if paying a £999 fee, or 2.79 per cent for the fee-free version. The five-year fixed rate for borrowers with the same deposit moves to 2.49 per cent if paying the £999 fee or 2.82 per cent for the fee-free option. The same rates are on offer for the 10-year fixed rate products.
First-time buyers can choose from two and three-year fixed rates at 2.69 per cent with a 10 per cent deposit and £999 fee, or at 2.99 per cent for the fee-free version.
If looking to remortgage, rates now start at 2.39 per cent for two-year and three-year fixed rates, 2.49 per cent for five-year deals and 2.44 per cent for 10-year products. Tracker rates for remortgages start at 1.99 per cent.
You can find the full range of changes on the Nationwide intermediary website. Existing products need to have been reserved by 5pm on Tuesday.
Rate increases at HSBC
HSBC has also announced a sweeping range of interest rate increases, which take effect immediately.
Rates are increasing across two, three and five-year terms for both purchase and remortgage deals and for both residential and buy-to-let cases.
As a result of the changes, first-time buyer and homemover purchase products alike now start at 2.46 per cent for fixed rate deals, while remortgage rates start at 2.41 per cent.
Increases to the rates on buy-to-let products mean that purchase rates now start at 2.19 per cent, while remortgage deals start at 2.14 per cent.
The full range of new rates can be found on HSBC’s online rate sheet.