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HSBC and Skipton BS up tracker rates – round-up

  • 05/08/2022
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HSBC and Skipton BS up tracker rates – round-up
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.

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