Santander is increasing product transfer rates by up to 32 basis points tomorrow.

The lender emailed brokers to notify them that most of its fixed rates for product transfer would be rising.

There are no further changes at this stage for new customer deals or for any tracker rates.

Within its residential range Santander says most fixed rates for product transfer, at 60% to 90% loan-to-value and above, are rising by up to 32 bps.

For buy-to-let borrowers, all 60% and 75% LTV two and five-year fixed rates are increasing by up to 25bps.

Santander is the first major lender to announce price increases since the Easter bank holiday weekend.

The average two-year fixed rate was 5.9% at the close of business yesterday, up by 1bp from 5.89% on Friday, according to Moneyfacts.

The average five-year fixed was 5.78% at the end of yesterday, unchanged from Friday.