HSBC has announced it will increase mortgage rates across the board from tomorrow in “another hammer blow” to Britain’s property market.
The uprating follows similar moves by other lenders this week, including Santander, Coventry, and TSB.
The Bank is yet to confirm how much rates will rise, however, it’s understood that it will affect existing and new residential customers across all primary loan-to-value and fixed-term categories.
These increases are seemingly driven by the recent upward trend in swap rates, which determine the costs for lenders to provide mortgages.
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