Aldermore will pull all fixed-rate loans across its residential, buy-to-let and product switching ranges tomorrow (7 February) — before raising prices the following day – as swap rates lift.
The specialist lender says it will continue to accept decisions-in-principle submitted to its portal up to 6pm on 7 February, adding that new business offers are guaranteed for 10 days.
Brokers will also need to secure a product switching offer by the same deadline, which will then be valid for seven days.
“It’s our commitment to you that we’ll give you at least one full working day’s notice of any product withdrawal,” the firm adds in a note to brokers.
“That’s why we wanted to let you know that we’ve made the decision to increase rates across our buy-to-let, residential owner-occupied and product switch range.”
The business will launch new rates on Thursday 8 February.
The move comes as swap rates have risen in recent weeks, even though the Bank of England’s Monetary Policy Committee kept rates at a 16-year high of 5.25% for its fourth meeting in a row last week.
A two-year Sonia swap was 4.323% on 2 February, up from 4.180% on 5 January, according to Chatham Financial. Five-year rates have risen to 3.744% from 3.590% over the same period.
While yesterday, Halifax reduced fixed-rate prices on first-time buyer offers by up to 59 basis points, but lifted remortgage and product transfer deals by up to 12bps.
