TSB will raise its five-year fixed-rate purchase and remortgage rates by up to 50 basis points today (14 July).
The house purchase move covers homemover and first-time buyer deals between 60% loan-to-value and 95% LTV, with rates ranging from 5.79% to 6.54%. Fees range from zero to £995.
The lender offers a free basic valuation for all residential movers.
For remortgages, the rate rise covers loans between 60% LTV and 90% LTV, with rates ranging from 5.79% to 6.34%. Fees range from zero to £995.
The lender offers a free valuation and a choice of either, £300 cashback, or free standard legals.
The rise comes as the average five-year fixed residential mortgage rate lifted 3 basis points to 6.30% today, from the day before, according to Moneyfacts.
Lenders are raising rates following the Bank of England hiking the base rate by 50 basis points to 5% last month, its 13th rate rise in a row since December 2021, taking it to the highest level in 15 years. The central bank is battling to calm inflation, currently at 8.7%.
Financial markets are currently betting that the BoE bank rate will hit 6.5% next March, while JP Morgan forecasts the rate could touch 7% next year.
