Financial Times - New rises in UK mortgage rates ‘very likely’ amid inflation fears

The last two-year fixed-rate deals priced below 4 per cent disappeared from the market this week, as lenders lifted their mortgage interest rates across the board, with average rates climbing back to their levels of March 2025. 

Aaron Strutt, product director at broker Trinity Financial, warned there would be more to come. “It seems likely that we are going to have another round of fixed-rate price hikes especially with future Bank of England base rate cuts looking well and truly off the table.” Thursday’s unanimous decision by the BoE’s Monetary Policy Committee to hold rates at 3.75 per cent prompted a sell-off in the bond market and a jump in swap rates, which lenders use to price their fixed-rate deals.

For lenders, said Strutt, “the combination of managing lending volumes to maintain processing times as well as funding cost rises is leading to the increasing number of rate hikes”.

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