Mortgage rates are continuing to rise with lenders hiking prices by up to 80 basis points, but Gen H has cancelled its planned increase that had been scheduled for today.
Nottingham Building Society has raised rates by between 40 and 80bps and withdrawn a number of products in an update today.
The lender had previously announced increases on residential and limited company buy-to-let new business rates from midday, but said that it had updated its rate card further due to market movements.
Newcastle Building Society has emailed brokers this afternoon to say it is withdrawing scores of products at close of business today.
Barclays earlier revealed rate increases of up to 55bps would take effect tomorrow and Moneyfacts confirmed the overall average mortgage rate surged to 5.48% today, a jump of 59bps since the start of the war in Iran.
But Gen H has told advisers it is cancelling its planned increases, which were due to come into force at 5.30pm today.
In its email it says: “Because of the way our systems and funding work, we are able to move our pricing very fast.
“And unlike a lot of other lenders, we don’t build big buffers into our rates because we’re always trying to offer your clients the lowest rates we possibly can.
“So when swap rates go up, we have to price up – fast. But equally, when swap rates go down, we can price down just as quickly.
“Yesterday, Trump signalled he was postponing his attacks on energy sites in Iran and swap rates came down.
“We realised we could issue this happy U-turn. And here we are.
“It’s hard to keep up with all of this volatility – but we think lower rates are better rates, so we didn’t want to waste any time.”
