Lenders and rate hikes
Brokers: if lenders alert you to any rate hikes this afternoon, please notify us on here along with a comment about it. Will leave this alert open until 5:30pm.
1 responses from the Newspage community
Most lenders were expecting the base-rate rise and had been pricing this in for some time, although some of the increases are pretty significant. For example, Leeds BS has announced they're increasing selected fixed rates by up to 0.61%, NatWest has raised a number of their rates by up to 0.27%, The Mortgage Works is increasing scores of fixed-rate products by 0.6%, and Nationwide is putting selected fixed rates by up to 0.40% from tomorrow. In addition, we've seen that Santander's Standard Variable Rate (SVR) will increase by 0.25% to 5.49% from August 2022, with Barclays, Virgin Money and Skipton BS saying their tracker products will increase to 1.25% following the rate change. This shows now is the time to get in touch with a broker and ensure you're on the right deal.