How lenders are reacting to the interest rate rise

Following on from last week’s Newsletter where we highlighted the likely Bank of England (BoE) base rate rise, subsequently, we are already seeing many lenders react by either withdrawing products or increasing their rates.
 

Natwest was one of the larger lenders to announce changes to their product rates. They increased rates across their buy-to-let range, for example, a 60 per cent LTV two-year fixed rate moved from 2.06 per cent to 2.31 per cent, while the 75 per cent LTV product rose by the same margin to 2.35 per cent.

Santander also followed suit with new rates introduced across its BTL range for purchases and remortgages. Across two and five-year fixes, rates have been set at 2.44% with LTVs of 75%.

And although other lenders like Nationwide and Virgin Money have also increased rates, we still have access to a number of low rates available for both buy to let and residential mortgages. 

If you haven’t already, we encourage you to get in touch so that we can check to see if you are on the best possible deal for your circumstances. Remember we have access to over 75 lenders and some 30,000 mortgage products, some available exclusively to us. 

Speak to a member of the team or our senior broker, Danny O’Keeffe about your current mortgage product, get in touch now on 0208 364 3444 or schedule a call back by clicking on the button below. 

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