The market now predicts the Bank of England will be forced to raise the Bank Rate again when it makes its next scheduled announcement on 22 June (currently it is at 4.5%) to combat stubborn inflation. Two-year swap rates have risen to 5.052% from 5.101% in the last two days. Swap rates, the interest rates at which the banks lend to each other and which they use to price fixed mortgage rates for customers, have spiked today and the market remains highly volatile. It follows the withdrawal of mortgage products and increased rates across the market over the past two weeks as lenders reacted to April’s higher than expected inflation figures. The lender’s tracker deals are set to increase by up to 0.85 percentage points. Nationwide building society has increased its fixed rate across its mortgage range for new and existing customers looking for product transfer deals by up to 0.25 percentage points from tomorrow (9 June). The bank’s residential SVR is 6.99% and there are no plans to increase it. The bank has said rates across all loan-to-value ratios will be increasing.Īt the same time, HSBC is increasing its standard variable rate (SVR) for buy-to-let customers from 7.10% to 7.35%. HSBC is pulling all new customer residential and buy-to-let mortgage deals at the end of today and will relaunch new products on Monday (12 June). Mortgage brokers describe a ‘frenzy’ in the market and say conditions are extremely difficult for borrowers looking for a new mortgage deal. The mortgage market continues to be highly volatile with lenders pulling deals at short notice and new products being priced much higher, writes Jo Thornhill. Mortgage News: More Lenders Follow HSBC And Pull Fixed Rate DealsĨ June: Market Pitched Into ‘Frenzy’ Over Rising Interest Levels While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. These “affiliate links” may generate income for our site when you click on them. Second, we also include links to advertisers’ offers in some of our articles. This site does not include all companies or products available within the market. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This comes from two main sources.įirst, we provide paid placements to advertisers to present their offers. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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