Average fixed-rate mortgage prices are back to June levels as more than a dozen lenders repriced this week, according to Moneyfacts.
The average two-year mortgage rose 9bps to 5.59%, compared to 5.5% last week, the latest Moneyfacts rate watch found.
Meanwhile the typical five-year fix rose 5bps to 5.61% over the same period.
At higher loan-to-value tiers, the average five-year fixed rate at 95% LTV rose above 6% for the first time since the start of June, up from 5.95% to 6.01% week-on-week, while at 90% LTV the rate rose from 5.61% to 5.69%.
Moneyfacts finance expert Rachel Springall said: “Mortgage rate hikes dominated this week, passed on by over a dozen lenders, which included the biggest high street banks. The rises over the past two weeks alone have undone weeks of consecutive cuts to push average fixed rates back to where they were in June.
“The prolonged tensions in the Middle East have hit the swap rate market, in turn driving up mortgage costs, as lenders monitor swap rates to help them price fixed-rate deals. Concerns over disruption to global energy supplies saw oil prices climb above $100 a barrel this week, adding to market uncertainty and fuelling expectations for borrowing costs to be higher for longer.”
Fixed rate increases
- Accord Mortgages – Selected fixed rate mortgages increased by up to 26bps (22 Jul, mixed changes) and by 20bps (24 Jul).
- Atom Bank – Prime fixed rate mortgages increased by 25bps; Near Prime fixed rate mortgages increased by 10bps (95% LTV products unchanged).
- Bank of Ireland Intermediaries – Bespoke fixed rate mortgages increased by up to 26bps.
- Barclays Mortgage – Selected fixed rate mortgages increased by up to 19bps.
- Halifax – Selected fixed rate mortgages increased by up to 20bps (direct and intermediary).
- HSBC – Selected fixed rate mortgages increased by up to 20bps.
- Leeds Building Society – Selected fixed rate mortgages increased by up to 15bps (22 Jul); Income Plus fixed rate mortgages increased by 15bps (23 Jul).
- Lloyds Bank – Selected fixed rate mortgages increased by up to 20bps.
- NatWest – Fixed rate mortgages increased by up to 20bps.
- NatWest Intermediary Solutions – Fixed rate mortgages increased by up to 20bps.
- Perenna – Fixed rate mortgages increased by 20bps.
- Principality Building Society – Selected fixed rate mortgages increased by up to 20bps (mixed changes).
- Royal Bank of Scotland – Fixed rate mortgages increased by up to 20bps.
- Santander – Selected fixed rate mortgages increased by up to 30bps.
- Skipton Building Society – Selected fixed rate mortgages increased by up to 24bps.
- TSB – Selected fixed rate mortgages increased by up to 20bps (21 Jul and 24 Jul).
- West Brom Building Society – Selected fixed rate mortgages increased by up to 22bps.
- Yorkshire Building Society – Selected fixed rate mortgages increased by up to 17bps (20 Jul). Following withdrawals on 22 Jul, part of the range was reintroduced on 24 Jul with rates increased by up to 60bps.
Fixed rate reductions
- Accord Mortgages – Selected fixed rate mortgages reduced by up to 11bps (22 Jul, mixed changes).
- Gen H – Fixed rate mortgages reduced by 10bps.
- Principality Building Society – Selected fixed rate mortgages reduced by up to 7bps (mixed changes).
- Tipton & Coseley Building Society – RIO and Lending into Retirement fixed rate mortgages reduced by 5bps.
Product launches, withdrawals and other changes
- Bank of Ireland Intermediaries – Selected fixed rate mortgages withdrawn (23 Jul). Bespoke fixed rate mortgages repriced and product end dates extended by two months (24 Jul).
- Bank of Ireland UK – Selected fixed rate mortgages withdrawn.
- Furness Building Society – Two-year fixed rate mortgages for house purchase withdrawn; remaining two-year fixed rate mortgages expanded to be available for both house purchase and remortgage.
- Leeds Building Society – New no-fee fixed rate mortgages launched (22 Jul). Selected fixed rate mortgages withdrawn on 23 Jul and further products withdrawn on 24 Jul.
- Marsden Building Society – Fixed rate mortgage withdrawn.
- Newcastle Building Society – Core and specialist fixed rate mortgage ranges withdrawn, alongside selected variable tracker rates.
- Santander – New standard and New Build fixed rate mortgages launched. Product end dates extended by one month.
- Skipton Building Society – Product end dates extended by one month.
- The Co-operative Bank for Intermediaries – Mortgage range temporarily withdrawn.
- Tipton & Coseley Building Society – New fixed rate mortgages and discounted variable rate mortgages launched. Product end dates extended by one month.
- TSB – Product end dates extended by three months.
- Vida Homeloans – Product end dates extended by one month.
- West Brom Building Society – Selected remortgage fixed rate mortgages withdrawn.
- Yorkshire Building Society – Selected fixed rate mortgages withdrawn (22 Jul), with part of the range reintroduced on 24 Jul at higher rates and new fixed rate mortgages launched.
Tracker and discounted variable rate changes
- Accord Mortgages – Variable tracker rates reduced by up to 16bps or increased by up to 3bps (mixed changes).
- Halifax – Variable tracker rates increased by 10bps.
- Leeds Building Society – Variable tracker rates increased by 10bps.
- Lloyds Bank – Variable tracker rates increased by 10bps.
- Newcastle Building Society – Variable tracker rates withdrawn.
- Tipton & Coseley Building Society – New High Income Multiple discounted variable rates launched.
- Yorkshire Building Society – Variable tracker rates increased by up to 9bps.