Barclays is raising prices by up to 55 basis points tomorrow, with widespread rate increases across both buy-to-let and residential products.

Existing customer deals and new business rates will both see price hikes.

It comes as the average mortgage rate surged to 5.48% this morning, according to Moneyfacts, a jump of 59bps since the start of the war.

The biggest increases tomorrow are in Barclays’ buy-to-let range, including the following examples:

Buy-to-let purchase A 75% LTV two-year fixed at 4.58% with a £1,295 fee has increased by 55bps to 5.13%.A 75% LTV five-year fixed at 4.15% with a £1,295 fee has increased by 55bps to 4.70%.

Buy-to-let remortgage  A 60% LTV two-year fixed at 4.28% with no fee has increased by 55bps to 4.83%.A 75% LTV five-year fixed at 4.50% with no fee has increased by 55bps to 5.05%.

For residential borrowers there are also substantial rate hikes of up to 35bps including the following among many others.

Residential remortgage A 60% LTV two-year fixed at 4.31% with a £999 fee has increased by 35bps to 4.66%.A 75% LTV two-year fixed at 4.33% with a £999 fee has increased by 35bps to 4.68%.

An 80% LTV two-year fixed at 4.69% with a £999 fee has increased by 35bps to 5.04%.An 85% LTV two-year fixed at 4.79% with a £999 fee has increased by 35bps to 5.14%.