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Nationwide ups rates; TSB makes reductions – round-up

  • 02/02/2024
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Nationwide ups rates; TSB makes reductions – round-up
Nationwide has increased select mortgage rates following the Bank of England's (BoE) base rate decision.

Following the BoE’s decision to keep the base rate at 5.25% this week for the fourth consecutive time, changes apply to products for new and existing borrowers, including a five-year fix at 60 per cent loan to value (LTV) for new homemovers, which has risen from 3.85 per cent to 3.99 per cent. This has a £1,499 fee. 

The two-year fixed equivalent has gone up from 4.21 per cent to 4.25 per cent. 

Other products at that tier have also gone up in rate. 

Other rate increases include the two-year fix at 60 per cent LTV for first-time buyers with a £999 fee, where the rate has risen from 4.24 per cent to 4.3 per cent. 

Changes have also been made to rates for new members, shared equity and remortgage deals. For existing borrowers, rates have increased across homemover loans. 

New rates apply from 2 February. 


TSB revises range 

TSB has cut select rates, including two-year fixed deals for homemovers and first-time buyers, which have gone down by as much as 0.2 per cent. 

Also, for homemovers and first-time buyers, three-year fixed rates at 90 to 95 per cent LTV have gone down by 0.2 per cent, while five-year fixes for the same borrowers across all LTVs have been reduced by as much as 0.4 per cent. 

TSB has also cut five-year fixed remortgage rates by as much as 0.55 per cent. 

The bank has reduced shared ownership rates by up to 0.85 per cent and shared equity rates by as much as 0.6 per cent. 

TSB has upped the maximum loan size for all borrowers up to 75 per cent LTV to £2m and relaunched five-year fixes for homemovers and first-time buyers at 85 to 90 per cent LTV with a £995 fee. 

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