NEWS: NatWest and TSB Increase Mortgage Rates Across Multiple Products

Among speculation of future base rate interest rises from the Bank of England, a number of mortgage lenders have increased interest rates across their product ranges and taken some products off the market.

TBS Rate Increases

• Two year fixed mortgages – rates increased by up to 0.30 per cent
• Five year fixed mortgages for first time buyers – rates increased by up to 0.40 per cent
• Two and five year fixed remortgages with legal fee options – rates increased by up to 0.45 per cent

TSB have also withdrawn their two year tracker mortgage product for remortgages and house purchases (including first time buyers).

Nationwide relaunch tracker mortgage range

On the contrary, Nationwide is relaunching its range of two-year tracker mortgages to new and existing customers.

Director of mortgages at Nationwide, Henry Jordan, has said that the Building Society has priced their tracker mortgages at 0.40 per cent below the equivalent fixed rate products to protect them against potential future interest rate hikes.

With current base rates at record lows and expected to rise over the next few years, the lower tracker rate makes them still an attractive option for some borrowers.

Related: Interest Rates Held at 0.1 Percent - What This Means for your Mortgage

NatWest Rate Increases

• Two year fixed mortgages – rates increased by up to 0.16 per cent
• Five year fixed mortgages – rates increased by up to 0.15 per cent
• Two and five year fixed green mortgages - rates increased by up to 0.2 per cent

NatWest are also removing from the market a two year buy to let fixed rate remortgage deal at 75% loan to value with a 1.29 per cent interest rate and £1,495 product fee.

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Article Sources:
Mortgage Solutions
Mortgage Strategy