Nationwide has increased rates on a number of its two-, three-, and five-year fixes and two-year trackers across all LTVs.

Alongside this, the lender has brought up its standard mortgage rate and base mortgage rate.

First-time buyers will see rates go up by 5 basis points and new borrowers moving home by up to 10 basis points, while those looking to remortgage face increases of up to 20 basis points.

Existing customers looking to move home will see rate increases of up to 40 basis points and switcher and additional borrowing rates will increase by up to 45 basis points.

Shared equity rates will be raised by up to 10 basis points.

Nationwide adds that the base mortgage rate and standard mortgage rate will each go up by 15 basis points, to 2.25% and 3.74%, respectively.

Nationwide director of mortgages Henry Jordan says: “We regularly review our mortgage range and these latest changes to our new business and switcher rates are reflective of the current environment.

“With swap rates continuing to increase, fixed rates have begun to move upwards and our new rates follow changes made across the mortgage market.

“We are also increasing our BMR and SMR rates in line with the bank rate rise. We are announcing these now to give borrowers certainty about what their payments will be from 1 February as well as time to consider switching to one of our fixed or tracker products, all of which are priced the same or lower than our equivalent remortgage rates.”