Money latest: TSB announces big increases to mortgage rates - as 'market thrown into turmoil'

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TSB has followed other major lenders in hiking mortgage rates. First-time buyer, mover and remortgage rates are going up by as much as 0.45%. Read this plus all the latest consumer and personal finance news below - and leave your thoughts in the box.

TSB has followed other major lenders in hiking mortgage rates this week - and theirs are pretty big.First-time buyer, mover and remortgage rates are going up by as much as 0.45%.Shared ownership/equity products will rise by up to 0.75%.The lender is also withdrawing some tracker mortgages - and all house purchase and remortgage products without a fee.It follows upward moves from NatWest, Barclays, Accord, Leeds Building Society and HSBC on Monday, and Coventry last week.

US trends often materialise elsewhere - though markets are still expecting a base rate cut from 5.25% to 5% in the UK in June.Ken James, director at Contractor Mortgage Services, told Newspage: 'As lenders scramble for safety, the mortgage landscape appears increasingly grim. 'With swap rates on the rise, lenders are transparent about their need for profit margins, prompting them to hike up their rates accordingly.

 

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