The latest figures from Moneyfacts give a snapshot of average mortgage rates over the last week.
For residential two-year fixed (covering all LTVs) the average rate has increased from 5.34% to 5.35%.
For two-year fixed with maximum LTV of 95%, the average rate has risen from 5.86% to 5.9%. And for two-year fixed for a maximum 85% LTV there is an increase from 5.39% to 5.41% and For max 75% LTV from 5.17% to 5.2%.
In terms of individual lenders, Virgin money announced selected fixed rate mortgages would increase by up to 0.06%.
New fixed rates to August 2025 of 4.74% and 5.33%, to August 2026 of 4.64% and 5.23%; and to August 2028 of 4.37% and 4.80%.
All max 80% with varying fees and incentives.
Tipton & Coseley announced all fixed rate mortgages withdrawn (with effect from 26 May 2023).
The Co-operative Bank’s standard revert to rate increased by 0.25% – all linked rates increased accordingly.
Selected fixed rates reduced by up to 0.21% while other selected fixed rates increased by up to 0.04%.
New fixed rates to end of October 2033 of 4.26%, max 60%; 4.38%, max 70% and 75%; and 4.54% for max 80%.
All with no fee and incentives of free valuation, £250 cashback and for those remortgaging free legal fees.
Mpowered Mortgages announced that fixed rate mortgages for three years at 60% and 80% loan-to-value would be withdrawn. Fixed rate mortgages for three years increased by up to 0.25% for house purchase and by up to 0.27% for remortgage.
Newcastle Building Society announced that fixed rate mortgages of 4.50%, 4.95% and 4.99% to end of September 2025 would be withdrawn with immediate effect.
Nationwide raised rates on its new business for two-, three-, five- and ten-year fixed deals and two-year tracker products by up to 45 basis points from today (26 May).
The country’s largest building society adds that for first-time buyers and those looking to move home, rates will increase by between 5bps and 40bps on products up to 95% loan to value.
Remortgage rates will rise by between 5bps and 40bps on products up to 90% LTV.
Commenting on the rate changes Moneyfacts finance expert Rachel Springall says: “These increases by Nationwide come at a time of volatility surrounding future interest rates, and it is a move we have seen from other lenders through uncertain times as they adjust their pricing (such as surrounding the fiscal announcement and during the UK lockdown over the pandemic).
She adds:“Just a few weeks ago, it was widely expected that fixed mortgage rates would reduce over the next few months, but it is impossible to predict such rate movements as pricing is determined by fluctuating swap rates and lenders appetite for business.
“When lenders withdraw mortgage products it can be in reaction to interest rate volatility, or even down to demand. However, withdrawals may influence other lenders to follow suit and reconsider their own propositions. Anyone considering a new mortgage would be wise to seek advice to go over the full package of any deal to find the right deal for them.”
