HSBC has announced a second round of rate increases within a fortnight.
The increases are being seen on a variety of deals, including two-, three-, five- and 10-year fixed-fee save and fixed standard deals, as well as on deals for existing residential customers who are borrowing more.
The lender is also increasing rates on residential first-time buyer and homemover, along with rates on residential remortgages.
Other HSBC products seeing rate increases include energy-efficient home and residential remortgage cashback deals, along with buy-to-let (BTL) switching and borrowing more, plus its BTL purchase and remortgage range.
The lender’s international residential and BTL ranges are also being affected by increases.
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TSB increases rates
At the same time, TSB is increasing rates up to 0.3% on two- and five-year fixed first-time buyer and homemover deals.
It is also increasing rates by the same amount on two- and five-year fixed remortgage deals up to 80% loan to value (LTV).
On product transfers, it is increasing by up to 0.2% on residential five-year fixed rates deals up to 75% LTV.
For additional borrowing, it is also increasing by 0.2% on five-year residential deals up to 75% LTV.
Gen H cuts rates
Gen H has cut rates by up to 14 basis points (bps) across its home buying bundle and retention ranges.
This includes bundle rates up to and including 85% LTV, which are down by 9bps.
Bundle rates at 90% and 95% LTV are down by 14bps, while retention rates are down by up to 9bps.
The core range is unchanged.
Pete Dockar, chief commercial director at Gen H, said: “At times like these, every decrease in rates really matters.”
The home buying bundle comprises a Gen H mortgage with conveyancing from Gen H Legal, the lender’s boutique conveyancing firm.
Gen H Legal operates independently of Gen H as a lender.
Rebecca de Andrade, head of legal practice at Gen H Legal, said: “Our team has been delighted by the uptake of the home buying bundle.
“We’re pleased to see buyers benefit from lower rates and from the dedicated support our team is able to provide.”
MPowered Mortgages cuts rates
Meanwhile, MPowered Mortgages has also cut rates.
It has cut all of its two- and three-year fixed rate mortgages by up to 0.28% for new purchase and remortgage customers.
For new purchase customers, the lender’s two-year fixed rates now start at 4.21% for 60% LTV with a £999 fee, while three-year fixed rates start at 4.19% at 60% LTV with a £999 fee.
The new rates are effective immediately.
All rates across the two-year range are reducing by at least 14bps, with most by at least 20bps.
These reductions follow MPowered Mortgages cutting its standard variable rate (SVR) on Friday by 0.75% to 6.74% (BBR +1.99%).
Stuart Cheetham, chief executive of MPowered Mortgages, said: “The market has been very volatile of late, so we are pleased to be one of the few lenders who is reducing rates at [a] time when many others seem to be raising rates.
“While we are reducing our rates, we would urge borrowers to remain cautious and seek independent advice before choosing a mortgage. There are still a number of headwinds out there [that] can impact the cost of a mortgage over the months ahead and the direction of mortgage rates remains uncertain.”