HSBC has increased all its tracker rates to be in in line with the increased Bank of England base rate, which was increased to 1.75 per cent yesterday.
The base rate was increased by the Monetary Policy Committee (MPC) yesterday by a vote of 8-1, the sixth consecutive increase in the base rate and the first time it has been upped by 0.5 per cent since 1995.
HSBC said all its tracker products would now include the increased base rate, and that there were no changes to its residential or buy-to-let standard variable rate (SVR).
For instance, its two-year tracker rate for first-time buyers up to 60 per cent loan to value (LTV) will now be 0.79 per cent plus 1.75 per cent.
Skipton BS to withdraw tracker products
Skipton Building Society said customers who have existing mortgages that track the base rate would see their account interest rate change, subject to any product rate cap and in-line with terms and conditions.
The lender said rate increases would be applied within two weeks from 4 August.
It added that it would withdraw its existing base rate tracker products at 10pm on 7 August and they would be replaced at 9am on 8 August to reflect the base rate increase.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.