Principality Intermediaries has announced rate increases to its product transfer range by as much as 0.85%, additional changes from those made earlier today.

The rate hikes include the residential five-year fixed at 90% loan-to-value (LTV), which has gone up by 0.85% and two- and three-year fixed rate 90% LTV products, which have risen by 0.65%.

In additional, the residential two-year discount 90% LTV product has been increased by 0.65% and the two-year discount 65% LTV product has gone up by 0.55%.

The new build two- and five-year fixed 95% LTV shared ownership product has been hiked by 0.35%.

BTL two- and five-year fixed 60% and 75% LTV products have risen by 0.45% and two- and five-year discount 60% and 75% LTV products will jump by 0.30%.

Finally, the lender has put rates up on its holiday let products.

Two- and five-year fixed 60% LTV products have been increased by 0.45% and two-year fixed 75% LTV products have gone up by 0.45%.

Meanwhile, CHL Mortgages ModaMortgages and Precise have all announced they will be withdrawing current products from tomorrow at 5pm and a new core range with limited edition products will be launched on 13 March.

Elsewhere, Fleet Mortgages has reintroduced its product transfer range, which was temporarily withdrawn earlier this week.

The lender’s new products will be released tomorrow morning.

HSBC has also announced it will increase rates on its residential and buy-to-let (BTL) mortgage rates from tomorrow.

In addition, The Mortgage Works says it will be making selected rate increases across new business and switcher product ranges from tomorrow.

Commenting on the changes HSBC announced, John Charcol mortgage technical manager Nicholas Mendes says: “HSBC’s move highlights how quickly lenders can respond when funding costs shift.”

“Swap rates rose sharply earlier in the week as markets reassessed inflation risks linked to higher oil prices and geopolitical tensions, and that pressure is now feeding through into mortgage pricing.”

“What stands out here is the breadth of the change. HSBC has increased rates across a wide range of residential and buy-to-let products, covering first-time buyers, home movers, remortgages, and existing customers switching deals. When a lender of this size reprices across so many parts of the market it often signals margins are being squeezed.”

“Swap markets have eased slightly today, with two- and five-year SONIA swaps falling back by around 10 basis points. That suggests some of the immediate volatility may be settling, but lenders tend to reprice with a lag after sharp movements in funding costs.”

“If swaps stabilise at these levels, we may see pricing settle again, but the past few days show how quickly market sentiment can change when geopolitical events feed into inflation expectations.”

Earlier today, Principality Intermediaries, Nottingham Building Society, Accord Mortgages and Kensington Mortgages all announced they were withdrawing and repricing mortgage ranges.

The average fixed-rate residential mortgage has now topped 5% as a result of the ongoing Middle East conflict, with many lenders reconsidering their pricing.

According to Moneyfacts, the average mortgage rate sits at 5.04%, up from 4.97% yesterday.

The average two-year fixed rate is now 5.01% and the average five-year fixed rate is 5.09%, up 0.08% and 0.06% respectively.