From today, Natwest is increasing rates on its new business range by up to 35 basis points.
For example, on its two-year fixed rate purchase range the product at 60 per cent loan-to-value (LTV) is moving from 4.29 per cent to 4.64 per cent, while at 90 per cent LTV, the rate is rising to 4.57 per cent from 4.22 per cent.
Natwest’s five-year fixed rate purchase range is also seeing the same size increase to rates, while its two-year and five-year fixed rate remortgage products are going up by 20 basis points.
As a result, its two-year fixed rate remortgage at 75 per cent LTV will now have a rate of 4.30 per cent rather than 4.10 per cent, for example, while the five-year product at the same LTV will move from 4.16 per cent to 4.36 per cent.
Brokers will be able to produce mortgage illustrations and submit applications online for existing deals until 10:30pm tonight. If brokers are unable to submit an application online due to a technical issue, then they must email their business development manager (BDM) by midday Wednesday 21st September.
Santander rate changes
Elsewhere, Santander has confirmed it will be increasing rates by up to 80 basis points on its new business and product transfer ranges.
For example, on its purchase range, the lender has hiked the rate on the fee-free two-year fixed rate at 90 per cent LTV to 4.74 per cent, a jump of 70 basis points. On its remortgage range, the fee-free two-year fixed rate at the same LTV is jumping by 80 basis points to 4.89 per cent.
Alongside the rate increases, Santander has introduced new products at the 60 per cent and 85 per cent LTV bands.
These include a two-year fixed rate remortgage only deal, available at 60 per cent LTV, with a 4.14 per cent interest rate and £999 fee.
Santander said it must receive full mortgage applications for previous rates by 10pm tonight, ahead of the rate increases taking effect from tomorrow.
HSBC product increases
HSBC has also announced a raft of rate increases across its product range.
For example, on its residential existing customer switching range, rates are going up on its two-year fixed standard products at 60 per cent, 70 per cent, 75 per cent, 80 per cent, 85 per cent and 90 per cent LTV.
On the lender’s residential first-time buyer range, rates have been hiked on its various five-year fixed rates between 70 per cent and 95 per cent LTV, while on the residential remortgage range rates are going up on the five-year fixed rate deals available between 60 per cent and 90 per cent LTV.
HSBC is also increasing the rates on its buy-to-let range, for landlords looking to switch, borrow more, purchase or remortgage a property. Rates are being increased on both two‒ and five-year fixed rates available at 60 per cent, 65 per cent and 75 per cent LTV.
Alongside the rate increases, HSBC has removed cashback from its residential five-year fixed standard products and five-year fixed premier exclusive range.
