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The bank has also changed buy-to-let purchase, remortgage, borrowing more and switching rates for UK borrowers, as well as selected international borrower remortgage rates for residential and buy-to-let products.
“Swap rates have started to come down again and some lenders are still improving their mortgage rates even though it looked pretty certain they were going to start putting them up just a few days ago,” said Aaron Strutt (pictured right), product director at mortgage broker Trinity Financial.
“Santander is bringing the price of its trackers back down, which is good news because they are still very popular even though there are messages coming out that the base rate may have to rise. HSBC’s 4.45% two-year fix, TSB’s 4.64% three-year fix and HSBC’s 4.61% five-year fix top the best buy tables, although Barclays and Halifax still have sub-4% trackers.
“There is a lot of economic uncertainty at the moment, but lots of people still want to get on the property ladder. We are speaking to more renters trying to purchase their rented homes using concessionary purchase mortgages as the number of buy-to-let properties being put on the market continues to rise. We are still helping lots of buyers work out how much they can borrow and how much their mortgages would cost and while it is clearly higher than a few months ago most clients understand why.
“While they know rates are higher, they are still eager to know when they will come back down again and this is clearly linked to Donald Trump and the Iran war coming to an end. There has also been a rise in the number of down valuations, and this is causing buyers problems.”
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