Homeowners seeking new mortgage deals are facing disappointing updates as various lenders have raised their fixed rates, leading to an overall increase in available rates for homeowners.
Moneyfacts, a financial information website, highlighted adjustments in fixed deal pricing by multiple lenders such as First Direct, Coventry Building Society, Yorkshire Building Society, and Nottingham Building Society.
Additionally, Moneyfacts reported that Cumberland Building Society is temporarily halting some products to reassess their mortgage pricing strategy.
These rate increases come after recent adjustments made by HSBC UK, NatWest, and Nationwide Building Society.
As per Moneyfacts, the average two-year fixed homeowner mortgage rate rose to 4.87% on Monday morning, up from 4.84% last Friday.
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The average five-year fixed homeowner mortgage rate increased to 4.98% on Monday, up from 4.96% on Friday.
Adam French, the head of consumer finance at Moneyfacts, remarked on the situation, stating that the expectation of a base rate cut in March was altered due to increased geopolitical tensions impacting inflation and energy markets.
French explained that this shift in market sentiment has influenced lenders to adjust their fixed-rate mortgage offers as funding costs have rapidly changed,