Mortgage Strategy - Barclays pulls market-leading deals and hikes rates by up to 30bps

Barclays is set to raise rates by up to 30 basis points tomorrow, with some of its market-leading deals increasing above 5%. The lender is hiking prices on 85 products as well as withdrawing six deals.

Trinity Financial product and communications director Aaron Strutt says: “Barclays is pulling the market leading 4.75% two-year fix and the 4.93% five-year fix.

“The bank last changed its rates on September 22, so while these deals have not been around for long, they would have been incredibly popular especially with so many of the bigger lenders mostly offering fixes over 5% now.

“This move puts pressure on lenders like NatWest and Nationwide as some of the remaining lenders offering fixed rates below 5%

“Unless there is better global news, particularly regarding inflation and the war between Iran and America, it doesn’t seem like rates will be coming back down for a while, but the market can change quickly.

“For the moment, if you want a sub-5% fixed rate you will need to be quick because there probably won’t be any left soon.”

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