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Securing a rate makes sense with big banks like NatWest, Santander and Halifax pushing up their mortgage rates again
A selection of banks have kicked off the week by making a selection of price increases.
NatWest, Santander Halifax, and The Co-operative Bank have increased mortgage prices today, while GenH has just announced rate cuts of up to 0.25%. This contrasts the increases announced over the last few days by larger high-street lenders.
NatWest is likely to raise rates by 0.10%, while Santander is raising selected standard residential fixed rates by between 0.06% and 0.43% for purchases and remortgages. Halifax will announce its rate changes tomorrow, while The Co-operative Bank has pushed up some deals by 0.22% for new customers and 0.72% for existing borrowers.
The cost of funding has increased over the last few weeks, so lenders have been gradually raising their rates. Some more prominent lenders have told us these rate increases are a blip, while others have said these rates are the new norm.
Aaron Strutt, product director at Trinity Financial, says: "If your mortgage is coming to an end soon, it really isn’t worth hanging on to see if prices come down. It makes sense to secure a rate and swap it when rates get cheaper.
"Fixed rates are still reasonably priced, but they are edging up. The cheapest two-year fixes are now priced at around 4.5%, and the most competitively priced five-year deals start from 4.20%.
Santander, NatWest and Halifax have been offering some of the most competitively priced rates, so their price increases will put pressure on their competitors. This means we may well see a few more rate hikes soon, given the movement so far this week."
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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