NatWest, the Co-operative bank for intermediaries and Accord Mortgages will raise residential rates by as much as 41 basis points.
Highlights of the Co-op’s increases, which come into effect today, cover:
New business — residential
- Selected two-, three- and five-year fixes rise by up to 41bps
Professional mortgages
- Two-year fixes rise by up to 41bps
- Five-year fixes rise by up to 33bps
Meanwhile, Accord will lift its residential new business range.
The lender’s rises cover:
- 75% LTV fixes increase by between 10bps and 23bps
- 80% LTV fixes increase by between 18bps and 23bps
- 85% LTV fixes rates increase by between 10bps and 23bps
- 90% LTV fixes increase by between 10bps and 25bps
- 95% LTV fixes increase by between 10bps and 35bps
- Cascade products increase by between 18bps and 40bps
- It will boost loan-to-income rates by between 20bps and 29bps
The firm adds that its current range will be withdrawn at 10pm on 22 April, with the new range will be available at 8am on 23 April.
Also, NatWest will lift its existing customer switcher rate by 10bps across selected two- and five-year deals from 23 April.
The high-street lender says brokers can produce mortgage illustrations and submit applications online for existing deals up to 10:30pm on 22 April.
The moves from these lenders come as two-year Sonia swap rates rose to 3.152% on 18 April from 3.067% a month ago, according to Chatham Financial. Five-year swap rate lifted to 2.771% from 2.655% over the same period.
John Charcol head of marketing Nicholas Mendes says: “Swaps increased at the end of last week following recent data announcements in the UK and US, with speculation building momentum of a delayed bank rate reduction being pushed out to August.
“This adds to the likelihood of two or three bank rate reductions this year diminishing.”
