HSBC and Clydesdale are raising rates tomorrow following increases by major lenders including Barclays and Halifax which came into effect today.

While HSBC does not give advance details of the scale of increases, brokers predict that some of its most competitive sub-5% deals are likely to disappear.

Clydesdale is putting up product transfer rates for both residential and buy-to-let borrowers tomorrow.

The lender’s buy-to-let deals for existing customers who are refinancing will rise by up to 38 basis points, while residential product transfers will increase by up to 19bps.

HSBC’s rate hikes look set to be wide-ranging across both buy-to-let, residential, purchase and remortgage.

Trinity Financial product and communications director Aaron Strutt says: “I expect HSBC is pulling its stand-out best buy 4.76% two-year fix and 4.72% five-year fix as part of these changes.

“The First Direct 4.81% two-year fix and 4.74% five-year fixes are probably going as well.

“With more of HSBC’s competitors either offering a couple of sub-5% fixes or no sub-5% fixes at all, I expect the bank will follow the current market trends.

“Rates are still getting more expensive but the swap rate market seems to have stabilised a bit because there have been a couple of mortgage price reductions.”

Yesterday, Barclays, Halifax and BM Solutions and TSB were among those to annouce rate increases scheduled for today.