The high street banks changes include:

Purchase only

• 3.87% — Premier two-year fixes, with a £899 product fee, at 60% LTV, increases to 4.07%
• 3.90% — Two-year fixes, with a £899 product fee, at 60% LTV, increases to 4.10%
• 3.92% — Five-year fixes, with no product fee, at 60% LTV, increases to 4.12%

Remortgage only

• 3.96% — Premier two-year fixes, with a £999 product fee, at 60% LTV, increases to 4.16%
• 3.98% — Five-year fixes, with a £999 product fee, at 75% LTV, increases to 4.18%

Purchase and remortgage

• 3.99% — Two-year fixes, with a £1,999 product fee, at 60% LTV, increases to 4.19%
• 3.98% — Five-year fixes, with a £1,999 product fee, at 75% LTV, increases to 4.18%

John Charcol mortgage technical manager Nicholas Mendes says: “Barclay’s latest move is likely driven by service levels and managing business volumes rather than swap rate movements.

“With Santander and NatWest recently repricing, Barclays and HSBC have moved further up the rankings, resulting in increased applications.

“Lenders have done well to hold off and not react quickly to recent swap rate increases, but the recent competitor repricing has put them in a difficult position.

“The market reacted favourably to yesterday’s inflation data, but I don’t expect many lenders to reduce their prices quickly. Instead, they will likely wait for the upcoming budget to pass before readjusting their propositions.”