HSBC UK will be increasing rates across its ranges from 7 September, though it has not yet said by how much.

These will apply to residential first-time buyers, home movers, remortgagors, buy-to-let and more.

Trinity Financial product and communications director Aaron Strutt said: “HSBC is the first of the big lenders to announce rate hikes following the rise in borrowing costs. It seems likely other lenders will push up their prices soon, so it is not the time to hold off submitting an application or reserving a fixed rate if you are buying a property or due to remortgage.”

Molo will also be increasing rates from 7 September on its two- and five-year fixed buy-to-let ranges for both standard and specialist lending.

Two-year standard buy-to-let fixes will start from 3.24% and five-year fixes from 5.02%.

Two-year specialist buy-to-let fixed rates will start from 3.34%, and the five-year equivalents from 5.12%.

Lenders have been grappling with a rise in swap rates this week. While average fixed rates have seen a small increase, Moneyfacts has warned that the full effect of swap rate movements has yet to be priced in.