Mortgages  

Sainsbury's hikes rates on mortgage and remortgage products

Sainsbury's hikes rates on mortgage and remortgage products

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.

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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