Residential mortgage rates have edged upwards over the past week, according to the latest data from Moneyfacts. 

The data provider said a number of lenders have applied significant rate increases across selected products. 

These price hikes includes First Direct moving selected variable tracker rates up by 0.95 per cent; Yorkshire Building Society increasing some of its fixed rate products by up to 0.85 per cent and Chelsea Building Society making increases of up to 0.65 per cent. 

Meanwhile Santander has increased some of its mortgage deals by up to 0.35 per cent. 

Moneyfacts points out that against these rate rises there have been some reductions: HSBC for example balanced a handful of rate increases with some reductions of up to 0.2 per cent and Molo Finance decreased the rates on some of its products by as much as 0.81 per cent. 

The average two-year fix (across all LTVs) is now 2.43 per cent, while the average five-year fixed rate deals (again across all LTVs) is 2.68 per cent.

Moneyfacts spokesperson Eleanor Williams says: “Providers continue to react to an ever-evolving landscape and adjust their product ranges accordingly.

“While the sector remains so fluid, speed and preparation could be vital for those hoping to progress a new mortgage deal, particularly if they are hoping to do so in time to capitalise on the stamp duty holiday.”