TSB is hiking prices across all its products by 50 basis points.

The lender has emailed brokers to say that it is making price rises across the board on residential, buy-to-let, product transfer and additional borrowing by half a percentage point tomorrow.

The move comes amid widespread repricing by lenders.

Yesterday Vida Homeloans pulled its entire buy-to-let product range with no warning citing “exceptional” market conditions.

Trinity Financial product and communications director Aaron Strutt says: “This is a big price hike.

“Market conditions are clearly getting more serious now and unfortunately we do not know when this is going to end.

“Any borrowers holding off locking into a new deal or selecting a new product transfer rate shouldn’t be because rates are likely to keep rising for a while.

“TSB’s latest price hikes were only made live today, which means the new rates are only available for a day.

“The concern is that other big lenders will need to make similar changes like this which will push up rates and mean the remaining sub-4% deals disappear quickly.”

Quilter mortgage expert Karen Noye says: “Higher oil prices and market volatility have pushed swaps up again, prompting lenders to pause or reverse planned reductions.

“This is likely to affect exactly the groups who had been returning to the market.

“For first‑time buyers, even a small rise in pricing can wipe out the marginal affordability gains that made Q4 activity possible. High LTV borrowing, which had finally recovered, is particularly vulnerable to tightening or repricing.

“For those remortgaging, the timing is also unhelpful. Many households were expecting the spring to bring cheaper fixes, but instead may face slightly higher rates than anticipated.

“While arrears remain low, the pressure point is new affordability rather than existing borrower stress.”