February 26th 2024 mortgage news
Halifax buck the trend
In a surprising move, Halifax, the UK’s biggest mortgage lender, has cut its mortgage rates, going against the recent trend of lenders raising theirs. This move is seen as an attempt by Halifax to gain market share in the competitive mortgage market. While mortgage rates have fallen overall this year, the trend has not been smooth, with rates fluctuating throughout the year. The average two-year fixed rate today is 5.72%, and the average five-year fixed rate is 5.30%. https://finance.yahoo.com/news/halifax-shock-mortgage-rate-cut-165735854.html
Virgin money announce an increase in mortgage rates
Virgin Money has announced that it will be raising rates on a range of mortgage products, with increases of up to 0.10%. The increases apply to purchase exclusives, remortgage exclusives, buy-to-let exclusives, and product transfers. For example, selected fixed rates for 85%-90% loan-to-value (LTV) will start from 4.55%. https://theintermediary.co.uk/2024/02/virgin-money-to-adjust-rates-on-mortgage-products/
Natwest to push fixed rates up further
NatWest has announced a further rise in fixed mortgage rates. This is the latest in a series of increases that have been seen in recent months. Brokers have expressed disappointment at the news, saying that the increases are similar to what happened in 2023. They are urging borrowers to act quickly if they are looking for a mortgage, as rates are expected to continue to rise. Some brokers have blamed the Bank of England for the increases, saying that they should lower rates in order to stimulate the economy. https://app.newspage.media/news-alerts/natwest-push-fixed-rates-up-further
TSB to increase residential mortgage rates
TSB has announced an increase in mortgage rates, following similar moves by other lenders. The cost of two and five-year fixed-rate mortgages for first-time buyers and home movers has risen, as well as rates on remortgage products. A two-year fixed rate for a first-time buyer will now cost 5.34%. https://www.mortgagefinancegazette.com/market-news/tsb-pushes-up-cost-of-residential-mortgage-range-22-02-2024/#:~:text=TSB%20is%20the%20latest%20lender,products%20up%20to%2090%25%20LTV.
