More than twenty lenders implemented fixed interest rate increases this week, including some of the largest brands.
As Moneyfacts financial expert Rachel Springall notes, some deals also disappeared from the market, including deals priced below 5% – an echo of last week’s moves.
As a result, the overall average two- and five-year fixed mortgage rate rose for a week in a row, albeit by a higher margin, by 0.06% week-on-week.
The prominent brands that changed fixed rates this week include Santander by up to 0.26%, Halifax by up to 0.20%, Virgin Money by up to 0.20%, NatWest and RBS by up to 0.22%.
Building societies have introduced a number of rate changes this week, including the Nationwide Building Society by up to 0.25%, the Yorkshire Building Society by up to 0.40%, the Mansfield Building Society by up to 0.30% and the Cumberland Building Society by up to 0 .25%. %,
Furness Building Society with up to 0.21%, Darlington Building Society with up to 0.20%, Scottish Building Society with up to 0.20%, Darlington Building Society with up to 0.20%, Coventry Building Society with up to 0.10% and Leeds Building Society by up to 0.10%. Skipton Building Society, on the other hand, reduced selected fixed rates by up to 0.17%.
There were also a number of mutuals this week withdrawing selected fixed rate products, including Hanley Economic Building Society’s two-year deal at 5.49% and Loughborough Building Society’s selected two-year deal, including a deal with a price of 4.99%.
Furness Building Society selected two and five year agreements, West Brom Building Society selected two, three and five year fixed agreements, Leek Building Society selected two and five year agreements and Tipton & Coseley Building Society selected three year agreements.
In order not to go unnoticed, more and more lenders decided to increase certain fixed interest rates, such as Perenna by up to 0.68%, MPowered Mortgages by up to 0.60%, Vida Homeloans by up to 0.50%, Accord Mortgages by up to 0.40 %, Clydesdale Bank with a maximum of 0.40%. up to 0.35%, digital mortgages from Atom Bank up to 0.15% and Gen H up to 0.17%.
Springall highlights that some notable deals have also emerged this week, including a two-year fixed rate deal from Nationwide Building Society, priced at 5.04% and available at an 85% loan-to-value for home buying customers . It charges a product fee of £999 and has a free rating incentive. Overall, it’s an attractive choice for borrowers with a 15% down payment.
“In response to rising swap rates and the general expectation in the market that rates will remain higher for longer, more than twenty lenders this week increased selected fixed-rate mortgages. Mortgage contracts are also being withdrawn from the market, some of which were priced below 5%.
She added: “The Bank of England’s next key rate decision is looming, but economists don’t expect a change until the summer. Amid this activity, there are still lenders offering tempting packages, including packages aimed at buyers with small deposits.”