Fixed mortgages go up as their popularity rockets
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Lenders continued to increase their fixed rates last week as demand for the products continued to soar.
Woolwich hiked its two-year fixed Great Escape mortgage at 70% LTV from 3.28% to 3.69% and from 3.48% to 3.89% for 75% LTV.
It also increased its two-year fixed loyalty mortgage from 2.97% to 3.29% for 70% LTV and from 3.19% to 3.59% for 75% LTV.
On its core range it raised its two-year 3.08% fix at 70% LTV to 3.39%.
The lender also reduced some fixed rate mortgages. A number of brokers reported having trouble booking funds before the deals were withdrawn.
A spokeswoman for Woolwich would not confirm whether it reached its tranche limit.
But she says: “We provide a daily allocation of funds which has given intermediaries increased stability. It enables us to maintain our service through the peaks and troughs of market volatility which has recently seen a huge demand for our fixed rates.
“The system allows us to manage the volume of business coming to us on any given day and helps keep our products available for longer.”
HSBC also relaunched a range of mortgages, increasing some of its rates by 0.5%.
It is now offering a two-year fixed rate at 5.49% at 90% LTV with a £99 fee, up from 4.99%.
The lender also made increases to its five and seven-year fixed-rate deals.
Last week Accord Mortgages lifted rates on all its five-year fixed rate products by 0.2%.
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