This week the average two-year fixed rate moved from 2.10 per cent to 2.13 per cent across all LTVs.

Meanwhile, the average rate across three-year fixes moved up from 2.38 per cent to 2.43 per cent, the five-year fix from 2.35 per cent to 2.39 per cent, and the 10-year fix remained at 2.59 per cent.

Two-year fixes

The most significant change within this fix was at 50 per cent LTV, which saw an increase to the tune of 40 basis points – from 1.95 per cent to 2.35 per cent.

At the other end of the LTV bracket was the change at 85 per cent LTV from 2.37 per cent to 2.43 per cent and, at 65 per cent LTV, from 1.62 per cent to 1.66 per cent.

Rates moved upwards elsewhere by up to 0.03 per cent.

Three-year fixes

There were only two changes within this category.

At 75 per cent LTV the average rate grew from 2.16 per cent to 2.19 per cent. But the biggest change was at 60 per cent LTV, which saw its average rate move by 13 basis points – from 2.06 per cent to 2.19 per cent.

Five-year fixes

The biggest change this week is housed within the five-year fixes – at 50 per cent LTV, the average rate change touched one per cent – shooting from 2.29 per cent to 3.12 per cent.

At 85 per cent LTV, the average rate increased from 2.60 per cent to 2.67 per cent and at 90 per cent LTV, from 3.25 per cent to 3.31 per cent.

Changes were limited to moves of up to 0.03 per cent.

10-year fixes

There was no change at any LTV in this category this week.

Moneyfacts financial expert Eleanor Williams says: “As reports indicate that the borrower demand for mortgages has escalated over recent weeks following the lifting of lockdown restrictions and boosted by the Stamp Duty holiday, average rates have continued to slowly edge upwards.

“This week notable updates have been made by lenders such as Barclays Mortgage, which made various rate increases on selected products of up to 0.20 per cent and Santander, which made selected fixed rate increases of up to 0.30 per cent. Cumberland Building Society focused its rate rises on a selection of 80 per cent LTV, 85 per cent LTV and 90 per cent LTV deals, with increases of up to 0.15 per cent, while PO4Intermediaries increased two of its 85 per cent LTV products by up to 0.41 per cent.

“Lloyds Bank reviewed its remortgage range and while some products received a rate increase of up to 0.35 per cent, other deals were cut by as much as 0.44 per cent. HSBC also made reductions to their 60 per cent LTV products, which are now up to 0.20 per cent lower.

“Those thinking of exploring their mortgage options may be prompted to move quickly to take advantage of a low base rate environment before rates potentially increase further, however, as the UK has officially fallen into recession, any financial commitments – such as a new mortgage deal – should be carefully considered. Seeking guidance and support from a qualified, independent adviser may be invaluable in securing the best deal for their circumstances.”