Yorkshire BS hikes fixed deals after swap rate rises
Share
Yorkshire Building Society is raising rates on its two, three, five and 10-year fixed rate deals by 0.3% in response to rising swap rates.
The lender is increasing the rates on its 75% LTV fixed rates by 0.3% and raising the rates on its two-year tracker by 0.1%.
Additionally it is introducing a 60% LTV band for five-year fixes at 3.99% and 10-years at 4.99%.
A spokeswoman for Yorkshire says it still wanted to give borrowers the opportunity of longer term fixed rate deals.
She says: “The rates will change in response to movement in swap rates. We are by no means the first lender to re-price.”
The lender follows increases from Halifax, Skipton and Newcastle Building Societies, and withdrawals from Paragon and First Direct in recent days as swap rates rocket.
Since November 2010 two-year swap rates have increased from 1.22% to 1.77% this week.
Three, five and 10-year rates have also hit 2.23%, 2.90% and 3.78% respectively.
A spokeswoman for Accord Mortgages, which released a new suite of products just last week, says it has no plans to re-price its products.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
