Here is an update from the BTL and Commercial Mortgage lender, Hampshire Trust Bank. For full details see their latest product information here. This is a packaged only lender so give our team a call and we can talk you through any enquiries you may have.
HTB Announcement
Advanced notice of increased rates
We would like to advise you of an increase in our lending rates for our Buy to Let and Semi-Commercial products effective from Monday, 15 August.
After edging up by a quarter-point at a time, it has now been announced that the Bank of England base rate has risen to 1.75%, a jump of 0.50%; the highest single increase in 27 years.
Inflation headlines have become the norm, with the current inflation rate sitting at a 40-year high of 9.4%, with a suggestion it will hit above 13% by October. And of course, the mortgage market will reflect this squeeze.
As you know, here at HTB we always want to work with you to support you and your clients, but to do this we need a sustainable commercial model. That has led to our decision to increase our 2 and 5 year fixed rates by 0.50% for both Buy to Let and Semi-Commercial products. Again, as I have communicated to you in the past, our rates could well increase further but we will take a cautious approach as and when we need to, to ensure you have clarity.
As part of our commitment to you, we will always endeavour to give you as much notice of any rate increase to help you manage your business. We know your clients have more complex mortgage requirements, and with interest rates rising, it is now more important than ever to work with a lender that can offer speed and efficiency whilst facing such turbulence in the market.
To enable you to manage your application pipeline and indeed your client’s expectations, we will accept any dips on current rates up until close of business, Friday, 12 August, with our new rates coming into effect by Monday, 15 August. We will honour the Dip up to, and including, Friday, 9 September, subject to the valuation having been instructed and you have uploaded all the requested documents – please remember to click SUBMIT.
So, from the Monday, 15 August, our rates will increase and an updated rate card will be available on the website and in PUMA.