Mortgage Strategy - Biggest lenders make second major round of rate hikes this month

Major lenders including NatWest, Santander, HSBC, Lloyds, Nationwide and TSB have hiked rates for a second time since the start of September.

Average rates are now 89 basis points higher than they were at the beginning of March when the impact of the war in Iran first sent swap rates soaring.

Commenting on the changes by Santander, Trinity Financial product and communications director Aaron Strutt says: “A price hike of 45bps on the two-year fixes and 40bps on the five-year fixes is going to come as a bit of a shock to customers.

“I can’t remember the last time five of the big six lenders hiked their rates on the same day.

“It looks like this Santander rate change means the bank is pulling the last of its sub-5% rates – it had a 4.52% two-year fix a few days ago.”

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