Some of the UK’s biggest banks are raising mortgage rates as expectations of when the Bank of England will cut interest rates are pushed back.
Barclays, HSBC and NatWest are all increasing some costs on fixed-rate mortgage deals from Tuesday.
Mortgage rates have risen over the past few weeks as views have changed on when the Bank might cut borrowing costs.
Mortgage rates have risen over the past few weeks as views have changed on when the Bank might cut borrowing costs.
The announcement from Barclays, which is lifting rates for the second time in the space of seven days, will see a 0.1% increase across a range of its mortgage products.
NatWest said it would raise some of its two and five-year “switcher” deals for existing customers by 0.1%.
HSBC added it was increasing some of its rates on Tuesday, but did not give details of the increases.
According to financial information service Moneyfacts, the average two-year fixed mortgage rate is 5.82%, while the average five-year fixed rate is 5.40%.
Broker Justin Moy from EHF Mortgages said a 0.1% increase would not make a big impact on those with small mortgages, but warned homeowners with larger loans – £300,000 or more – would notice a difference.
Some of the UK’s biggest banks are raising mortgage rates as expectations of when the Bank of England will cut interest rates are pushed back.
Mortgage rates have risen over the past few weeks as views have changed on when the Bank might cut borrowing costs.
Barclays, HSBC and NatWest are all increasing some costs on fixed-rate mortgage deals from Tuesday.
The announcement from Barclays, which is lifting rates for the second time in the space of seven days, will see a 0.1% increase across a range of its mortgage products.
Mortgage rates have risen over the past few weeks as views have changed on when the Bank might cut borrowing costs.
Mortgage rates have risen over the past few weeks as views have changed on when the Bank might cut borrowing costs.
The announcement from Barclays, which is lifting rates for the second time in the space of seven days, will see a 0.1% increase across a range of its mortgage products.
NatWest said it would raise some of its two and five-year “switcher” deals for existing customers by 0.1%.
HSBC added it was increasing some of its rates on Tuesday, but did not give details of the increases.
According to financial information service Moneyfacts, the average two-year fixed mortgage rate is 5.82%, while the average five-year fixed rate is 5.40%.
Broker Justin Moy from EHF Mortgages said a 0.1% increase would not make a big impact on those with small mortgages, but warned homeowners with larger loans – £300,000 or more – would notice a difference.
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