Fixed rate increases and some new build reductions

On Tuesday 27 May we’re making fixed rate increases across our new business and product transfer ranges. We’re increasing all standard home mover and FTB, remortgage and large loan 2 and 5 year fixed rates by 0.10%. Most home mover and FTB new build 2 and 5 year fixed rates are increasing by up to 0.10% with selected 2 and 5 year fixed rates reducing by up to 0.04%. 

In our new business Buy to Let (BTL) range, 2 and 5 year purchase and remortgage fixed rates are increasing by 0.10%. 

There are no changes to our tracker rates.

In our product transfer range, all residential 2, 3, 5 and 7 year fixed rates and BTL 2 and 5 year fixed rates are increasing by 0.10%.

New business

Fixed rate increases

• Residential home mover – all 60-95% LTV 2 and 5 year fixed rates increasing by 0.10%.
• FTB – all 60-95% LTV 2 and 5 year fixed rates increasing by 0.10%.
• Residential home mover new build – most 60-95% LTV 2 and 5 year fixed rates increasing by up to 0.05%.
• FTB new build – most 60-95% LTV 2 and 5 year fixed rates increasing by up to 0.10%.
• Large loans – all homer mover and FTB 60% LTV 2 and 5 year fixed rates increasing by 0.10%.
• Residential remortgage – all 60-90% LTV 2 and 5 year fixed rates increasing by 0.10%.
• BTL purchase – all 60-75% LTV 2 and 5 year fixed rates increasing by 0.10%.
• BTL remortgage – most 60-75% LTV 2 and 5 year fixed rates increasing by up to 0.10%.

Fixed rate reductions

• Residential home mover new build – selected 75-85% LTV 2 year fixed rates reducing by up to 0.04% and all 90% LTV 5 year fixed rates reducing by 0.03%.
• FTB new build – 85% LTV 2 year fixed rate reducing by 0.01%.

Product transfers

Fixed rate increases

• Residential – all 60-90% LTV 2, 3, 5 and 7 year fixed rates increasing by 0.10%.
• BTL – all 60-90% LTV 2, 3, 5 and 7 year fixed rates increasing by 0.10%.

For clients who want to change or cancel their new deal:

• If they haven’t accepted their product transfer offer yet, you can select a new product in the online mortgage transfer service for them and a new offer will be issued. Please make sure your client accepts the correct offer for the deal they wish to book.
• If they’ve already accepted their new deal, you can change to a different deal or cancel the one that’s already booked for them. You must do this at least 14 days before their new deal starts. Please see the ‘Product transfer cancellation process’ section on the Product transfers page.

Whilst a product transfer is pending, your client cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments. 

Further information

• Full details of our new business range can be found in the rate bulletin (issue 13) and new build rate bulletin (issue 11). Our latest mortgage rates page will be updated on Tuesday 27 May.
• From Tuesday 27 May you can log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of product transfer rates. You won’t find these on sourcing systems.
• You must submit your new business and product transfer applications on our current ranges by 10pm on Monday 26 May.