Halifax, BM Solutions, Accord and InterBay push rates up – Mortgage Strategy
Lenders continue to announce rate hikes, with Halifax Intermediaries, BM Solutions, Accord Mortgages and InterBay launching higher rates from tomorrow (9 September).
Halifax Intermediaries home move and first-time buyer rates will rise by as much as 0.12% on selected fixed rates products.
The lender will also increase rates by 0.18% on its remortgage 60% loan-to-value (LTV) two-year fixed with a fee of £1,999.
No changes have been made to its product transfer and further advance products.
Meanwhile, BM Solutions has lifted prices on its personal ownership buy-to-let (BTL) and let-to-buy by up to 0.29% on selected two-, three- and five-year fixed rates.
The lender’s product transfer, further advance and limited company BTL rates will remain the same.
In addition, Accord Mortgages will increase fixed rates across all residential lending ranges and BTL new business.
Residential new business and residential product transfers and additional loans fixed rates will rise by 0.15%.
BTL new business fixed rates will go up by 0.25% and end dates will be extended to the end of January.
Elsewhere, InterBay has announced it will withdraw BTL products, including product transfers at 5pm today (8 September).
The lender says it will launch a new range with higher rates tomorrow.
Commenting on today’s price rises, Trinity Financial product and communications director Aaron Strutt says: “We have been waiting for Halifax to raise its rates, I suspect Nationwide will be the next big lender to push up its prices.”
“Many of the rate hikes we have seen so far have been smaller than expected and there are still a fair few two, three and five-year fixes priced between 4.5% and 4.6%, while Barclays still has its 3.99% two-year tracker and other lenders are offering tracker rates that are only marginally more expensive.”
“Hopefully this will be the end of the rate rises for a while, but there are certainly no guarantees. Multiple small mortgage price rises add up and ultimately deter people from buying homes, they also put pressure on the Bank of England to maintain the base rate rather than push it up.”
These increases following moves from lenders yesterday including Barclays, TSB, Skipton Intermediaries, Nottingham Building Society and The co-operative bank for intermediaries.
