The majority of mortgage offer changes this week include rate rises across various types of products following the Bank of England’s base rate hike by 25 basis points to 0.75% last Thursday, according to new data from Moneyfacts.
The average rate for a two-year fix lifted by 3 basis points, to 2.85%.
Meanwhile, the average rates for three- and five-year fixes both rose by 2 basis points to 2.86% and 3.00%, respectively.
Two-year fixes
At 95% LTV, the average rate lifted by 2 basis points to 3.19%, at 80% LTV rates edged up by 1 basis point to 2.90%, while at 50% LTV rates were unchanged at 2.60%.
Three-year fixes
At 95% LTV, the average rate jumped by 6 basis points to 3.30%, although at 90% LTV rates edged up by 1 basis point to 2.95%, while at 100% LTV rates were unchanged at 3.64%.
Five-year fixes
A fix at 60% LTV spiked by 5 basis points to 2.44%, although at 95% LTV crept up by 1 basis point to 3.35%, and at 100% LTV rates were unmoved at 3.83%.
10-year fixes
The average rate for a 10-year fix lifted by 3 basis points to 2.92%.
At 60% LTV, rates jumped by 6 basis points to 2.60%, and at 75% LTV rose by 4 basis points to 2.72%, although at 95% LTV rates were unchanged at 4.09%.
Moneyfacts finance expert Eleanor Williams says: “Perhaps unsurprisingly, the vast majority of the mortgage product changes processed this week have included rate increases across various types of products.
Lenders who have raised their standard variable rates, or revert rates, this week following the recent base rate rise have included Santander, Aldermore, Platform, Halifax and Lloyds, as well as a number of the building societies, while variable tracker rates that have risen include those from Nationwide Building Society, Santander and Skipton Building Society.
“Average fixed rates continue their upwards trajectory; among the updates this week we have seen Yorkshire Building Society return variable tracker products to its range, while also putting up fixed rate deals by up to 0.50%. Halifax has increased selected deals by up to 0.41%, The Co-operative Bank and its intermediary arm Platform applied rate rises of up to 0.30%, as did Virgin Money.
“Nottingham Building Society also increased rates on a number of products, including putting up rates on three ‘retirement interest-only’ deals by up to 0.61%.
“While we are still seeing providers amend their ranges and make product withdrawals – which this week have included a selection of ‘older borrower’ discounted variable rate products from Marsden Bank, discounted variable rates from Furness Building Society and a number of fixed offerings from Principality Building Society – product availability has bucked the recent trend and has actually risen slightly this week.
“We have seen Skipton return 10-year fixed products to its range, Leeds Building Society have added new interest-only and part & part deals, and Leek United Building Society has introduced a couple of new deals for those with 5% deposit or equity.”
