Mortgage lenders update mortgage rates

Halifax, HSBC, NatWest and Virgin Money have all updated their lending policies. They are changing their mortgage rates.

Virgin Money has increased mortgage rates by up to 0.49% on 2, 3, and 5-year fixes to 90% LTV with a £995 fee, while there also increased to its 7-year and 10-year fixes.

NatWest is also making some rate reductions, including cuts of 0.06% on some 2-year deals and 0.09% on 5-year deals.

Halifax is refreshing its product range on Monday, which will see remortgage rates reduced by between 0.04% and 0.40%.

From Monday HSBC will lend a lower proportion of income to those who earn less.

For example, if the LTV is less than 85%, it will lend 4.49x income for those earning less than £30,000 a year, but it will lend at 5x income for those earning more than £100,000.

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