Effective from 7th March, there will be an increase in the cost of transferring products for existing customers.

This phenomenon occurred as a result of a prevailing view that the Bank of England will maintain its key Bank Rate at a higher level for a longer duration than initially anticipated, as part of its ongoing efforts to combat inflation. The upcoming Bank of England announcement regarding the Bank Rate level is scheduled for 21 March. Santander’s upcoming rates will be announced tomorrow. It is anticipated that the prices for a wide variety of residential purchase and remortgage arrangements will be slightly increased, as well as selected tracker rate deals and rates for buy-to-let borrowing.

The bank has announced that some home refinancing arrangements will experience a simultaneous cost reduction, with a decrease of up to 0.23 percentage points. Santander is also raising interest rates on its product transfer range by a maximum of 0.34 percentage points. These offers are specifically for current customers seeking a different pricing option. Starting tomorrow, Co-operative Bank for Intermediaries will be raising the rates for their two and five-year fixed mortgages, both for buying and refinancing. The increase will be up to 0.22 percentage points, and there will be a £1,999 fee.

The minimum interest rate for a two-year term is now 4.74%, while for a five-year term, it is 4.46% (with a loan-to-value ratio of 60%). However, the lender, formerly referred to as Platform, is also decreasing the interest rates for three-year fixed mortgages with a £999 fee by 0.06 percentage points, bringing it down to 4.6%. The lender’s buy-to-let fixed rates for two and five years will increase by 0.19 percentage points. However, certain residential professional mortgage rates and two-year fixed rates under the Help to Buy Wales scheme will be reduced.

TSB is implementing modifications to its fixed mortgage rates throughout its whole range, starting tomorrow. These changes involve reducing certain rates while simultaneously raising the costs of other agreements, as reported by Jo Thornhill. The lender is reducing the rates for three and five-year fixed residential purchase loans by 0.05 percentage points. This decrease applies to loans with higher loan-to-value ratios, specifically 90% to 95% for three-year deals and 80% to 95% for five-year fixed rates.