Mortgage Strategy - Halifax Intermediaries becomes latest lender to hike mortgage rates

Halifax Intermediaries has become to latest lender to push its rates higher, effective tomorrow (2 October).

The lender will increase prices across selected homemover and first-time buyer products by as much as 0.10% on two-, three- and five-year fixes.

For remortgage products, there will be selected rate hikes by up to 0.15% on two-, three- and five-year products.

Commenting on the announcement from Halifax, Trinity Financial product and communications director Aaron Strutt says: “Halifax is the latest in a long list of lenders to raise the cost of its mortgages over the last week.”

“It seems like Halifax will still have a couple of sub-5% fixes after these latest rate hikes but they will not be available to most of its customers.”

“This is Halifax’s sixth rate change since the 1st September which is a lot and not something that we are used to seeing. This scale of rate changes is causing a lot of stress and highlights the volatility in the money markets at the moment.”

“We literally have a few sub-5% rates left and I doubt they will be around much longer.”

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Britain’s biggest mortgage lenders have pushed through a new round of rate rises on fixed-rate mortgages, as rising UK inflation, higher oil prices and a global bond market sell-off rattled markets.  Santander, HSBC, Nationwide, Lloyds, Halifax, Barclays and TSB raised rates this week by as much as 0.3 percentage points, driving up costs for borrowers and threatening to weigh on housing market activity as the autumn buying season gets under way. 

Aaron Strutt, product director at broker Trinity Financial, said: “It seems likely there will be more to come. It’s never good when a lender’s new rates are live for a day and then they are pushed up again.”

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