Lenders still pushing up rates and changing criteria

by Aaron Strutt

Oct 10 2022

Banks and building societies are continuing to change their residential and buy-to-let mortgages. 

Many lenders increased the price of their fixed rates last week, although more lenders have re-entered the market. 

HSBC lowered the price of some existing customer mortgages but Halifax and NatWest raised rates. 

Santander is increasing all of its residential and Buy to Let affordability rates to ensure customers can afford their mortgage payments. The bank says this is due to the unprecedented rise in mortgage funding costs, projected future Bank of England base rate increases, and in line with our obligations as a responsible lender. 

Aaron Strutt, product director at Trinity Financial, says: "We are still getting lots of enquiries but we are letting borrowers know that rates are between five and six per cent. Lots of people are keen to remortgage or switch deals at the moment.

"There has been more discussion about borrowers taking some of the variable rates rather than fixes. Although, if you want a fixed deal, the five- and ten-year fixes are generally the most competitively priced."