The lender is increasing new business, product transfer and additional borrowing rates tomorrow after previously raising prices on Friday.

Many deals across its new business range are going up by 28 basis points.

As its rates for product transfers are bespoke to individual borrowers, it has not revealed the scale of those rises.

John Charcol mortgage technical manager Nicholas Mendes says: “It points to another difficult week ahead, with lenders still trying to balance rising funding costs against service levels.

“With oil moving back above $116 a barrel as the conflict has intensified, inflation risk remains very much in play.

“Markets had been hoping for a softer rate path earlier in the year, but that has become much harder to justify with energy prices rising again and concerns growing over wider disruption to supply routes.

“That matters for mortgages because when oil moves like this, markets start to question whether inflation will stay higher for longer or even begin moving back up. That then feeds directly into rate expectations and swap pricing.

“The pressure on lenders is that fixed-rate mortgages are priced off future funding costs, and those costs remain both elevated and volatile.

“In that kind of environment, further selective repricing, product withdrawals, and short-notice changes look likely again this week.”

“One lender move rarely stays in isolation in a market like this.”

Trinity Financial product and communications director Aaron Strutt says: “NatWest is the latest big lender to raise rates but this time its fixes and trackers are both going up.

“NatWest’s two-year fixes are pretty much the cheapest in the market and its best buy 4.47% mortgage is rising to 4.75%.

“Tracker rates look much better value for money at the moment than many of the fixes, especially if you think the Bank of England base rate will have to come down this year rather than go up.

“NatWest is increasing its lowest tracker rate by 28bps from 4.19% to 4.47%. Nationwide still has a 4.5% two-year fix for home movers and Halifax has a 3.96% two-year tracker, which is 0.21% over the Bank of England base rate.

“More of the bigger lenders are still pushing up their fixed and tracker rates and we do seem to be edging closer to the lowest fixes being priced between 4.75% and 5%.”