HSBC will increase all tracker rates but keep its residential standard variable rate (SVR) and buy-to-let SVR the same following the Bank of England’s decision to increase the base rate to five per cent.
The changes come into effect from today.

The lender has tracker products in its first-time buyer, homemover residential, remortgage, international purchase, international remortgage, buy-to-let, existing customer borrowing more, existing customer switching and international existing customer ranges.

As an example, its two-year first-time buyer tracker at 60 per cent loan to value will be 0.29 per cent plus the base rate, it comes with a £999 fee and rate borrowing limit of £5m.

Virgin Money

Virgin Money will increase its mortgage tracker rates to reflect the increased Bank of England base rate.

Its everyday two-year tracker, for example, at 60 per cent LTV is now 5.7 per cent and its deal at 75 per cent LTV is priced at 6.1 per cent. Both come with a £995 product fee.

The lender said that for existing customers with mortgage rates linked to the base rate they would be contacted to let them know that their monthly payment would change on the 1 August.