Brokers have been warned to stand by for a raft of rate increases tomorrow, as HSBC, Barclays and Leeds all issued alerts.
Advisers wanting to lock down current deals could face a busy evening ahead Advisers wanting to lock down current deals could face a busy evening ahead as increases at NatWest, Co-op and Accord have already been announced.
HSBC HSBC emailed brokers to say it would be increasing rates on a large number of products including residential first-time buyer, purchase, home mover, switcher and further advance deals as well as across its buy-to-let range.
The lender has not yet revealed the scale of the increases, but says brokers wanting to secure its current rates must get applications in by midnight tonight.
Barclays In an email to advisers Barclays says: “Following a further review of our offering against market funding, please be advised we are changing rates on a selection of products across our residential purchase, residential remortgage and reward ranges, effective from tomorrow, Tuesday 23rd April.”
It adds: “Therefore, for new lending applications you will need to ensure the product has been selected and saved in the application today (you then have until Wednesday 1st May to secure a case booking and submit).”
But Barclays has not confirmed what exactly the reprice will mean for borrowers.
Leeds Building SocietyThe lender is increasing selected fixed rates on its residential, interest only and retirement interest only products by up to 20 basis points.
It is also withdrawing its 75% LTV five-year fixed rate portfolio buy-to-let products.
It says existing products will be withdrawn at midnight tonight.
John Charcol mortgage technical manager Nicholas Mendes says: “Lenders have recently adjusted their positions in response to market uncertainty, signalling a significant change.
“While mortgage holders are unlikely to experience the same level of volatility and high rates as last year, many may find themselves pondering their next steps as their current deals approach expiration.
“Meanwhile, anticipation mounts at each Monetary Policy Committee (MPC) meeting, with hopes for a rate reduction to provide markets with some stability and respite.”
