The average five-year fix in the market is at 6.30% today, compared to 6.27% yesterday, says Moneyfacts.įurther evidence has emerged that increased mortgage costs are causing financial distress for growing numbers of borrowers.
Average two-year rates rose to 6.78% this morning – up from 6.75% yesterday.įive-year fixed rate residential mortgages also continue to rise. The average cost of a two-year fixed rate residential mortgage is creeping close to 7%, according to Moneyfacts today. Barclays, HSBC, Nationwide, NatWest, Virgin Money and Santander have all increased fixed rate deals this week. TSB follows most other major lenders in hiking borrowing costs since the Bank of England increased the Bank Rate to 5% last month. Fee-free options are available with TSB but it usually means borrowers pay a higher fixed rate. Both deals carry a £995 fee.Ī five-year fixed rate for remortgage will now start at 5.79% (60% LTV) or at 6.34% (95% LTV), also each with a £995 fee. TSB is increasing the cost of its five-year fixed rates for new customers by up to 0.5 percentage points, from today, writes Jo Thornhill.įive-year fixed rates for home purchase (which includes first-time buyers and home movers) now range from 5.79% (at 60% loan to value) up to 6.54% (at 95% LTV). July 14: TSB Raises Costs For New Customers Looking For Longer-Term Security You can also enter your details here to see what’s available on today’s market We have a suite of mortgage calculators to help you work out how repayments will affect your household finances, what you could save by remortgaging, and the beneficial impact of overpaying. Mortgage News: Lenders’ Campaign Of Fixed Rate Mortgage Hikes Rumbles On 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.
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