Mortgage Strategy - Barclays makes rate increases and cuts

Barclays will be increasing rates by up to 40 basis points tomorrow on many of its products, while also trimming prices on some deals.

Commenting on this, Trinity Financial product and communications director Aaron Strutt says: “Most of the big lenders have raised their rates again so we have pretty much had another full round of mortgage price hikes over the last few days. The swap rate market has been calmer, but we are not expecting to see cheaper rates available until the war in the Middle East stops.”

“These latest Barclays price hikes are not pretty, especially with most of the new fixes either priced just below or above 5%. Nationwide, NatWest and Halifax have the cheapest two-year fixes at the moment priced around 4.80%.”

“The only bit of good news is that Barclays does not appear to be pulling its tracker rates, and as they start from 4% they are 1% lower than the fixes. Borrowers could take a tracker, switch to a fixed rate when they see a decent deal and hope the base rate at least stays the same for a while.”

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The information contained within was correct at the time of publication but is subject to change.

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