Tsb25 Apr 2024 06:01
TSB announces big increases to mortgage rates - as 'market thrown into turmoil'
TSB has followed other major lenders in hiking mortgage rates this week - and theirs are pretty big.
First-time buyer, mover and remortgage rates are going up by as much as 0.45%.
Shared ownership/equity products will rise by up to 0.75%.
The lender is also withdrawing some tracker mortgages - and all house purchase and remortgage products (two and five-year fixed) without a fee.
It follows upward moves from NatWest, Barclays, Accord, Leeds Building Society and HSBC on Monday, and Coventry last week.
They are responding to swap rates - which dictate how much it costs to lend money - rising on the back of higher than expected US inflation data, and concerns this could delay interest rate cuts there.
US trends often materialise elsewhere - though many economists are still expecting a base rate cut from 5.25% to 5% in the UK in June.