Following weeks of volatility within the mortgage market, swap rates are still on the rise – forcing another wave of lenders to temporarily withdraw products in order to reprice.
HSBC informed brokers yesterday evening that it would once again be repricing selected fixed rates, removing its current new business residential products from sale at 5pm today, Friday the 7th of July.
The lender’s current residential product switch, buy-to-let (BTL) and International ranges will remain open until midnight on Sunday the 9th of July.
In addition, HSBC will be making a number of changes to its residential mortgage product ranges as of Monday, the 10th of July.
With a number of other lenders also announcing products changes yesterday, including Keystone Property Finance, Lendco and Skipton International, are more set to follow?
Nicholas Mendes, mortgage technical manager at John Charcol, said: “While The majority of the big high street lenders had already made substantial increases to their rates, the past few days had seen a significant jump in swap rates with different asset management firms revising their expectations for further base rates increases. JP Morgan quoting 7% in recent days.
“Despite the high street lenders sitting outside of the best buys, HSBC have made the decision to yet again increase rates.
“The question now is whether the other high street lenders will follow before the weekend.”
