West One Loans, Santander and Hodge were among the lenders who introduced further rate increases today, as the fallout from last Thursday’s Bank of England base rate increase continues to impact the mortgage market.
Following the announcement that the base rate would rise to a whopping 5%, rather than the more conservative prediction of 4.75% – the market has seen a wave of withdrawals as lenders are forced to pull products in order to reprice.
Today, West One Loans informed brokers that it will be pulling its current second charge fixed rates from the market at the close of business Tuesday, 27th of June.
The lender will re-introduce a refreshed and repriced range the next day, Wednesday 28th of June.
Santander also decided to increase rates across all of its standard and large loan fixed rates in its new business range.
The lender is also increasing the pay rate on its trackers in line with the 0.50% increase in the Bank of England base rate.
Additionally, Santander has also chosen to withdraw all of its standard residential 60% loan-to-value (LTV) fixed rates, but 75% LTV rates will still be available.
Hodge has also decided to implement rate increases, and intends to introduce these changes across its 50+, Retirement Interest Only (RIO), Holiday Let and Professional Mortgage ranges from this Friday, 30th of June.
