Big banks up mortgage rates -- unless you are a first time buyer

HSBC and the Halifax today increased the cost of mortgages, despite a widespread expectation that the Bank of England will cut interest rates before the year is out – perhaps as early as the summer.

HSBC said that from tomorrow, Tuesday Feb 6, existing customers who are switching to a new deal or borrowing more will see 2-year fixed rate deals rise. So will the 5-year fixed rate deal.