Mortgage Strategy - Barclays to hike rates by up to 34bps

Barclays is increasing residential rates by up to 34 basis points tomorrow, while Coventry Building Society and Gen H are also raising prices.

Coventry has given brokers two days’ notice that all fixed rates will rise on Friday, but it has yet to reveal by how much.

Trinity Financial product and communication director Aaron Strutt says: “Mortgage lenders have continued to make their rates more competitively priced in recent weeks but the pace of fixed-rate price reductions has slowed significantly.

Strutt says the re-escalation of conflict in the Middle East has pushed up swap rates, causing lenders to reprice. He says: “Barclays and Coventry Building Society are raising rates and more price hikes seem likely.

“Many borrowers are still taking two-year fixes priced around 4.3% and tracker mortgages below 4%, particularly if they expect the Bank of England to cut the base rate from 3.75% this year or they need flexibility.

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