Halifax and BM Solutions are increasing prices on all fixed rates tomorrow by an unspecified amount, while Nationwide is raising some rates by up to 30bps.

Gen H is also increasing rates by up to 30bps tomorrow, on top of previous price hikes it made on Friday.

Halifax and BM also raised rates on Friday.

Coventry, which is currently not offering any new customer deals, has given brokers an extra day to take up its current existing borrower deals before it increases prices on Wednesday after previously saying it would do so tomorrow.

The building society has yet to reveal when new customer products will return.

Fleet is withdrawing all of its fixed rate deals this afternoon at 5pm, citing “extreme market volatility” and has not said when they will relaunch.

John Charcol mortgage technical manager Nicholas Mendes says taking a wait-and-see approach is a risky strategy that borrowers should avoid.

He says: “A sharp repricing in expectations for further Bank Rate rises has already pushed swap rates higher, and that is now feeding directly into mortgage pricing.

“The latest SONIA swap rates show the move clearly, with two-year money at 4.483%, three-year at 4.420% and five-year at 4.346%.

“That matters for mortgages because lenders price fixed rates off future funding costs, not simply where Bank Rate sits today.”

He adds: “For borrowers, the message is not to sit back and hope.

“Anyone buying should speak to a broker early, because lenders can move quickly and the best options do not always stay around for long.

“For those coming up to a remortgage, it is even more important. In most cases, a new rate can be secured three to six months before an existing deal ends.

“If rates improve before completion, there is often scope to switch to something lower, meaning you save a significant amount over the term of the mortgage.”