TSB is raising more rates tomorrow by up to 25 basis points after repricing a number of deals last week and Kensington is putting up buy-to-let rates.

TSB is increasing product transfer and additional borrowing rates by up to 25bps for residential borrowers and by up to 20bps for buy-to-let.

Kensington is also raising buy-to-let prices tomorrow, but has not revealed by how much.

Last week saw substantial moves by major lenders, which pushed the average five-year fixed rate to its highest level since October 2023, when the market was reeling in the aftermath of the Liz Truss mini-Budget.

Moneyfacts also revealed on Friday that the average two-year fixed had jumped by 17bps over the week to reach its highest level since April.