Daily Mirror - Barclays and NatWest customers facing immediate extra costs after changes made

Barclays and NatWest customers are facing extra costs in what experts have called a 'dark week'. All of the UK’s 'big six' mortgage lenders have now hiked rates following days of volatility in the swap markets, with brokers warning the increases may not be over. Barclays and NatWest have now repriced, confirming increases across a selection of residential purchase products from Wednesday and Thursday respectively.

Aaron Strutt, prodcut director at Trinity Financial, told The Mirror: "These Barclays rate changes were widely expected seeing as all of the other major lenders raised their rates earlier this week. Barclays market leading 4.55% two-year fix with an £899 fee and 40% deposit requirement will increase to 4.75%.

"It looks like the bank has raised lots of its rates so they are now over 5%, which is something we were hoping would not happen despite all the economic tensions. It is unusual for so many lenders to hike their rates so quickly, which highlights how challenging mortgage funding conditions are at the moment.

"Santander's rate rises of up to 0.45% were among the largest so far, but for the moment we still have lenders offering two-year fixes priced around 4.75%. It seems like Barclays is not pulling its 3.99% two-year tracker which is a standout best buy at the moment. More borrowers are going to be looking at tracker rates because they are so much cheaper than the fixes."

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