Halifax, Nationwide and Accord make major rate hikes

Major lenders Halifax, Nationwide, and Accord led a significant pricing reshuffle as swap rates climbed steadily higher. Industry data revealed that nearly 1,500 deals vanished following global unrest, while Family Building Society withdrew all fixed rates with immediate effect. Experts warned that “waiting and seeing” remained a risky strategy, urging borrowers to secure deals early. Ultimately, the market prioritised speed and stability as funding costs dictated a fresh wave of hikes.

Coventry pulls all new customer deals as lender hikes continue

Coventry for Intermediaries certainly kept brokers busy after pulling all new customer deals on Sunday evening. The lender joined a growing list of providers, including TSB and Aldermore, who hiked prices or paused lending amid volatile market conditions. While some gave generous notice, others moved at midnight to reprice their ranges. Experts noted that nearly 1,500 deals vanished recently, leaving borrowers and advisers scrambling to secure the remaining competitive rates.

Labour planning to equalise CGT and income tax, report says

Reports suggested that Labour ministers were mulling over a plan to equalise capital gains tax with income tax. This potential shift threatened to hike bills significantly for landlords selling up, particularly those in higher tax brackets. While the draft paper also hinted at slashing income tax, the extra funding would have come from higher property and land taxes. The industry waited for a fuller report expected after the May elections.

‘Mortgage mayhem’ continues as NatWest joins hikes

“Mortgage mayhem” truly arrived as NatWest and Metro joined the growing list of lenders hiking prices. Moneyfacts noted that average rates jumped by 59bps since the conflict began, prompting a frantic week of repricing. While some providers pulled products with mere hours’ notice, others like Coventry remained closed to new business entirely. Borrowers faced a rapidly shifting landscape as funding costs pushed fixed deals significantly higher across the whole market.

More lenders pull products as 1,500 deals vanish since start of war

The mortgage market witnessed a dramatic vanishing act as nearly 1,500 deals disappeared following the outbreak of conflict. Clydesdale Bank and Rely joined the exodus, withdrawing fixed rates as average two-year deals climbed to 5.43%. Moneyfacts reported that a fifth of available products vanished, driven by shifting inflation expectations and rising funding costs. While some deals promised a return, experts warned that a more volatile world inevitably meant pricier borrowing.

Borrowers face £4.6K payment shock as fixes end

Borrowers finishing five-year fixed terms faced a significant payment shock as average rates soared from 2.75% to 5.54%. Moneyfacts revealed that typical homeowners needed an extra £388 monthly to maintain their mortgages, amounting to over £4,600 annually. With volatile swap rates driving 1,700 products off the shelves, analysts warned that slipping onto standard variable rates proved even pricier. Experts urged the 1.8 million people refinancing this year to secure deals early.

Barclays changes BTL stress rate

Barclays introduced a clever “dynamic” stress testing process for buy-to-let, basing affordability on customers’ actual product rates rather than arbitrary figures. This change allowed many landlords to borrow more by linking stress margins directly to their chosen deals. While the lender updated its interest coverage ratios and running cost assumptions, the move was designed to reflect individual circumstances more accurately. Brokers welcomed the flexibility during an otherwise restrictive week for lending.

Fleet to pull all fixed rates at 5pm amid ‘extreme volatility’

Fleet Mortgages gave brokers just a few hours’ notice before withdrawing its entire fixed-rate range due to extreme market volatility. The lender pulled all fixes, including product transfers, while keeping its tracker options unchanged for the time being. This move followed similar retreats by Coventry and others as swap rates shifted sharply. While Fleet promised to relaunch deals as soon as possible, the sudden exit added to a frantic day for intermediaries.

More lenders pull rates as turmoil continues

Foundation and Family Building Society joined the growing exodus of lenders pulling products as market instability continued. While Foundation described the move as a “necessary step,” Family Building Society withdrew all fixed rates with immediate effect for both new and existing customers. Industry data revealed that average mortgage rates spiked by 59 basis points since the conflict began. Despite some calming in swap rates, mortgage availability unfortunately shrank by a fifth.

Yet more hikes of up to 78bps but fall in swaps sparks hope

Lenders certainly didn’t hold back as Clydesdale and Virgin Money announced soaring price hikes of up to 78bps. Santander also adjusted its affordability stress tests for landlords while raising rates by over half a percent. Despite the “mortgage mayhem,” a glimmer of hope appeared as swap rates finally dipped from their recent peaks. Experts warned that delaying an application by just one day could now cost borrowers thousands annually.