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New business and product transfer fixed rate increases
On Wednesday 21 February, we’re increasing all residential and Buy to Let fixed rates in the new business range. This includes New Build and large loan exclusives for residential clients. We’re also increasing selected residential and Buy to Let fixed rates in the product transfer range.
There will be no change to tracker rates.
New business
- All standard residential fixed rates increasing by between 0.23% and 0.34%.
- All residential New Build exclusive fixed rates increasing by between 0.25% and 0.34%.
- All residential large loan exclusive fixed rates increasing by between 0.23% and 0.33%.
- All Buy to Let fixed rates increasing by between 0.23% and 0.33%.
Product transfers
- Selected residential fixed rates increasing by between 0.05% and 0.20%.
- Selected Buy to Let fixed rates increasing by between 0.05% and 0.15%
- For clients who want to change or cancel their new deal.
- If they haven’t accepted their product transfer offer yet, you can select a new product in the online mortgage transfer service for them and a new offer will be issued. Please make sure your client accepts the correct offer for the deal they wish to book.
- If they’ve already accepted their new deal, you can change to a different deal or cancel the one that’s already booked for them. You must do this at least 14 days before their new deal starts. Please see the ‘Product transfer cancellation process’ section on the Product transfers page.
- Whilst a product transfer is pending, your client cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments.
Further information
- Full details of our new business range can be found in Rate Bulletin (Issue 6). You’ll find this on our Latest mortgage rates page from Wednesday 21 February.
- From Wednesday 21 February you can log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. You won’t find these on sourcing systems.
- You must submit your new business and product transfer applications on our current ranges by 10pm on Tuesday 20 February.