HSBC will increase all tracker rates but keep its residential standard variable rate (SVR) and buy-to-let SVR the same following the Bank of England’s decision to increase the base rate to five per cent.
The changes come into effect from today.
The lender has tracker products in its first-time buyer, homemover residential, remortgage, international purchase, international remortgage, buy-to-let, existing customer borrowing more, existing customer switching and international existing customer ranges.
As an example, its two-year first-time buyer tracker at 60 per cent loan to value will be 0.29 per cent plus the base rate, it comes with a £999 fee and rate borrowing limit of £5m.
Virgin Money
Virgin Money will increase its mortgage tracker rates to reflect the increased Bank of England base rate.
Its everyday two-year tracker, for example, at 60 per cent LTV is now 5.7 per cent and its deal at 75 per cent LTV is priced at 6.1 per cent. Both come with a £995 product fee.
The lender said that for existing customers with mortgage rates linked to the base rate they would be contacted to let them know that their monthly payment would change on the 1 August.
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.