The move comes as Alan Cleary, managing director at Precise Mortgages (pictured above), said lenders’ costs of funds had increased.
He specifically pointed to fixed rates, which are priced based on the swap curve.
Alan said that the two-year swap was up 0.35%, while the five-year swap was up 0.37%.
- Precise to launch income supported BTL
- Precise Mortgages and TMA launch exclusive BTL product
- Together lowers rates on BTL range
“It is inevitable that this will push mortgage pricing upwards,” said Alan.
“Is this the start of a general increase in pricing?
“We will see, but I expect other specialist lenders to follow.”
Alan confirmed that the rate increase will take place tonight.
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