Sainsbury’s Bank has increased rates across its purchase and remortgage residential product range.
In the lender’s two-year fixed rate purchase range, a 60 per cent loan-to-value (LTV) has increased from 1.47 per cent to 1.57 per cent with a £995 product fee and 1.75 per cent to 1.92 per cent with no product fee.
The same range now features a 75 per cent LTV at 1.61 per cent, up from 1.47 per cent, with a £995 product fee and 1.93 per cent up from 1.75 per cent with no fee.
Five-year fixed purchase rates have also increased, with a 60 per cent LTV product increasing from 2.09 per cent to 2.20 per cent with no fee and a 75 per cent offering now at 2.22 per cent, up from 2.14 per cent.
Changes to the bank’s remortgage range include a two-year fixed rate increasing from 1.81 per cent to 2.01 per cent at 60 per cent LTV and a rate increase from 1.57 per cent to 1.60 per cent at 75 per cent LTV with a £995 product fee.
The five-year fixed rate remortgage range has seen increases on its 60 per cent LTV products from 1.92 per cent to 2.01 per cent with a £995 fee and 2.09 per cent to 2.29 per cent with no fee.
A Sainsbury’s spokesperson confirmed last week’s Bank of England base rate rise contributed to these changes and added that savings rates at Sainsbury’s Bank were still under review.
rachel.addison@ft.com
