HSBC will lift rates across its residential and buy-to-let (BTL) product ranges, from tomorrow (4 June).

Rates will increase across existing residential customer switching, existing residential customer borrowing more, residential first-time buyer or home mover and residential FTB or home move energy efficient home.

Also, prices will go up across residential remortgages, residential remortgage cashback, residential remortgage energy efficient home, international residential, BTL existing customer switching, BTL purchase/remortgage and international BTL.

Rates are being increased on two-, three- and five-year mortgages across all loan-to-values.

The move follows TSB lifting fixed-rate home loans by up to 25 basis points on Friday.

Charcol mortgage technical manager Nicholas Mendes says: “HSBC have done well to have held their fixed rates for as long as they have, considering their last reprice saw many of their fixed rates decrease. In between that time markets have overwhelming revised their forecast of the next Bank rate reduction now to August. With HSBC holding out amongst the best buys for as long as they have is quite an achievement.”

“I suspect that this latest reprice will put pressure on Barclays, Santander, TSB and potentially Halifax to review their pricing to adjust for increase in demand.”