TSB has raised rates on a number of deals by as much as 45 basis points today.
The lender has also temporarily withdrawn two year trackers for first-time buyers, house purchases and remortgages.
Costs have increased on its two-year fixed rates and five-year fixed rates at up to 75% LTV.
First-time buyer, home mover and remortgage deals have all been affected.
It comes after Moneyfacts released data showing that after four consecutive months of falls, both the overall average two- and five-year fixed rates rose by 4 bps month-on-month, to 2.29% and 2.59% respectively.
However, compared to November 2020, these rates remain 14 bps and 11 bps lower, and both are 16 bps lower than their equivalents two years ago.
The rises in the overall average fixed rates this month were fuelled by rate increases recorded in LTV tiers up to 75%, with the most significant changes occurring in the 65% LTV bracket where the two- and five-year fixed averages went up by 39 bps and 38 bps , to 2.5% and 2.7% respectively.
Moneyfacts finance expert Eleanor Williams says: “Recent competition in the mortgage sector saw the launch of record-low initial rates as providers competed for predominantly low risk business from borrowers with higher deposits or levels of equity and which saw average rates reduce.
“However, the start of November marks a reverse in the average rate cut trend; while still lower than their year-on-year equivalents, the overall average two- and five-year fixed rates have increased for the first time since June.”
She says most of the increases have been at lower LTVs.
“In contrast to this, borrowers with smaller deposits or amounts of equity who may have spent much of the past 18 months with few options available to them have seen continued improvements in the level of choice on offer this month, with the number of products on offer at 90% LTV and above at its highest level since March 2020.
“There were also further reductions in the average rates in these higher LTV tiers, where, following a 10 bps month-on-month reduction, at 3.22% the average two-year fixed rate at 95% LTV is now the lowest it has been since February 2020.”
