Mortgage Introducer - NatWest and Barclays raise fixed mortgage rates again
Tags: Press Commentary
NatWest and Barclays have both announced further increases to fixed mortgage rates, in the latest sign that rising market funding costs are feeding through to pricing. The moves come as ongoing geopolitical tension in the Middle East has added to inflation concerns and market volatility, lifting swap rates that underpin many lenders’ fixed-rate deals.
Aaron Strutt, product director at Trinity Financial, told Mortgage Introducer the latest lender moves underlined the direction of travel for pricing at the moment across the market.
“The rate hikes are still coming through,” he said. “The good news is that NatWest will still have one two-year fix below 4% at 3.97% with a £1,495 fee for borrowers with a 40% deposit.
“The bad news is that most of NatWest’s rates are going up by 0.25% and a couple by 0.35%. This is the second time NatWest has had to increase rates in a week. NatWest’s five-year fixes will start from 4.14%.
“Barclays rates up by 0.3% pretty much across the board. It doesn’t look like the bank will have any sub-4% fixes any more.”
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The information contained within was correct at the time of publication but is subject to change.
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