Generation Home is increasing selected mortgage rates by up to 15bps from 12 October, citing rising swap rates.

The lender has announced increases across its three- and five-year mortgage products.

All three-year rates will rise by 10bps, while five-year products at 60–80% loan-to-value (LTV) will also increase by 10bps.

Five-year rates at 85–95% LTV will see a larger rise of 15bps.

Generation Home’s New Build Boost product will also increase by 15bps, with its rate moving from 6.75% to 6.90%. The lender states that this equates to an effective rate of 5.81%.

The changes will take effect at 5.30pm on 12 October.

However, brokers looking to secure current rates can submit cases before the deadline. Generation Home will then allow a further seven calendar days for cases to be packaged.

The lender also confirmed that if rates fall during this period, brokers will be able to switch to the lower rate through their dashboard.

The latest Moneyfacts rate watch found that the average two-year fixed rate is now 5.97%, up 1bps on 5.96% at the same point last week.

The typical five-year fix now costs 5.99%, up 3bps on last week but down 1bps from the 6% average hit on 5 October.