This will affect first-time buyers and homemovers.
The changes were brought in on 25 October and Halifax’s rates now range from 3.85% for a product at 60% loan to value (LTV) with a £999 fee to 5.32% at 90-95% LTV with no fee.
TSB increases mortgage rates
TSB has also tweaked its mortgage rates, with increases of up to 0.1%.
This applies to its two- and five-year fixed first-time buyer and homemover mortgages at 90-95% LTV.
The growth of ‘just-off-high-street’ lending
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Taking effect from 25 October, its two-year fixed rate at 90-95% LTV with no fee has a rate of 5.64%, while the five-year fix is priced at 5.14%.
Average rates still lower than last year
Despite recent rate increases from certain lenders, Rightmove’s weekly mortgage tracker showed that average rates were still relatively low when compared to last year.
As of this week, the firm’s data showed that the average two-year fixed rate was 4.94%, while the lowest available rate was 3.94%. This compared to an average rate of 5.85% last year.
The average five-year fixed rate was 4.64%, while the lowest available was 3.77%. Last year, the average rate for a five-year fix was 5.39%.
Rates of less than 5% were available across lower LTV tiers, Rightmove’s data found.
The average two-year fixed rate was 4.24% at 60% LTV, while the average five-year fixed rate was 4.05%.
At 75%, this came to 4.71% and 4.45% respectively. At 85% LTV, the average two-year fixed rate was 4.95%, while a five-year fix was priced at 4.65% on average.
The typical rate for a two-year fix at 90% LTV was 5.34% and 4.89% for a five-year fix.
At 95% LTV, this was 5.52% and 5.19% respectively.
