In a month where household bills have largely gone northwards, with council tax, energy bills and broadband prices all rising, bagging the best rate on your property is vital for millions of homeowners.
Since the Monetary Policy Committee (MPC) voted to hold the base rate at 4.5%, savings rates have remained steady and, as it stands, the average rate for a two-year fixed residential deal is 5.33%.
The five-year equivalent is 5.18%, according to Moneyfacts data.
Here is how the mortgage market has changed this week.
Higher HSBC rates
HSBC made mortgage rate increases across select products including its switching, borrowing more, first-time buyer, homemover and remortgage ranges.
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Updates to its prices saw two- and five-year fixes up to 90% loan to value (LTV) rise in rate.
For example, its two-year fix at 60% LTV for first-time buyers with no fee changed from 4.39% to 4.49%, while the standard option with a £999 fee is now 4.25%, up from 4.12%.
The five-year fixed equivalents shot up from 4.2% to 4.3% and 4.07% to 4.15% respectively.
At 70% LTV, the two-year fixed fee-saver product moved from 4.54% to 4.61%, while the option with a £999 fee increased from 4.28% to 4.33%.
HSBC also increased buy-to-let (BTL) remortgage, international residential and international BTL product rates.
Virgin Money moves rates up
High street lender Virgin Money has upped select purchase, remortgage and product transfer rates by up to 0.14%.
Virgin Money’s rate changes came into effect from 3 April. Within its purchase range, five-year fixed rates at 65%, 75% and 85% LTV rose by up to 0.1%.
Five-year fixed shared ownership rates at 85% LTV went up by around 0.04%, while its five-year fixed rates at 75% LTV for loans over £1m increased by 0.14% to 4.58%.
Select Virgin Money Own New five-year fixed rates increased by up to 0.1% and its Retrofit Boost five-year fixed rates with a £995 fee rose by up to 0.05%.
On the remortgage side, Virgin Money’s five-year fixed rates at 65% and 75% LTV increased by up to 0.08%, its five-year fixed rate at 75% LTV for loans over £1m are priced at 4.5%, and the Retrofit Boost five-year fixed rate with a £995 fee increased by up by 0.05%.
TSB reduces rates
Meanwhile, TSB reduced mortgage rates across its residential range. Its two-year fixed mortgage for first-time buyers and homemovers at 75-80% LTV with no fee was cut by 0.1% and now has a rate of 4.89%.
At 85-95% LTV, the fee-free two-year fix for first-time buyers and homemovers was cut by 0.1% to 4.89% for a deal at 85-90% LTV and 5.39% at 90-95% LTV.
TSB also slashed the three-year fixed mortgage at 75-85% LTV for homemovers and first-time buyers by as much as 0.15%. Elsewhere, its three-year fix for homemovers and first-time buyers at 85-90% LTV with a £495 fee decreased by 0.15%.
Further, the lender’s five-year fix for first-time buyers and homemovers at 90-95% LTV was reduced by 0.1%.
