Starting today (June 4) HSBC will increase rates across its buy-to-let (BTL) and residential product ranges.
This will affect rates for existing residential customer borrowing more, existing residential customer switching, residential FTB or home move energy efficient home and residential first-time buyer or home mover.
Prices will also increase across residential remortgage energy efficient home, residential remortgage cashback, residential remortgages, BTL existing customer switching, international residential, international BTL and BTL purchase/remortgage.
Nicholas Mendes, Charcol Mortgage Technical Manager, says: “HSBC have done well to have held their fixed rates for as long as they have, considering their last reprice saw many of their fixed rates decrease. In between that time markets have overwhelmingly revised their forecast of the next Bank rate reduction now to August. With HSBC holding out amongst the best buys for as long as they have is quite an achievement.”
“I suspect that this latest reprice will put pressure on Barclays, Santander, TSB and potentially Halifax to review their pricing to adjust for increase in demand.”
Two-, three- and five-year mortgage rates across all loan-to-values are also being increased.
The news follows on from the lifting of fixed-rate home loans by up to 25 basis points by TSB on Friday.
