Nationwide for Intermediaries will increase fixed and tracker rates by up to 21bps from 30 September.

This includes rates across the lender’s house purchase, existing customers, moving home, first-time buyer and remortgage products.

Nationwide for Intermediaries will also increase rates on its switcher and additional borrowing ranges.

The lender told brokers via email today that they can reserve a product without needing to submit a full mortgage application.

Intermediaries were advised to submit a decision in principle, click on ‘reserve product’ and follow the prompts.

Trinity Financial product and communications director Aaron Strutt said: “Nationwide has actually waited nearly two weeks to increase its fixed and trackers since its last price hike and during this time some lenders have raised their fixes multiple times.

“Unfortunately Nationwide will only have one fixed rate available to new customers below 5% after these new rates go live, which is a two-year fix at 4.99% with a £1,499 fee for those with a 40% deposit.

“We are getting to the stage where there are not many sub-5% fixed rate mortgages left but there are still some decent tracker deals to choose from.”

Average fixed mortgage rates crept closer to 6% last week as lender repricing continued, according to the latest Moneyfacts Rate Watch.