The Express - Barclays and Halifax customers told to act with 'extra charges from today'

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Barclays and Halifax are hiking mortgage rates again from today as brokers warn borrowers that waiting for cheaper deals could now prove costly in "a classic snooze-and-you-lose market". The two major lenders increased rates across parts of their mortgage ranges, continuing a run of repricing that has seen borrowing costs climb across the market in recent weeks.

Aaron Strutt, product and communications director at London-based Trinity Financial, said the constant changes were now causing borrowers "a lot of stress".

He said: "Barclays and Halifax have kicked off the week with more rate hikes. Hopefully the market will calm down soon because the changes have been constant and they are causing a lot of stress now.

"Halifax will only have a few sub-5% fixes after this change and they are available to borrowers with a 40% deposit. The lender's cheapest rates will be a 4.90% two-year fix, a 4.93% three-year fix and a 4.98% five-year fix. The bank also has a two-year tracker at 4.06%.

"It is interesting Halifax is pulling the 1.5-year fixes, because these rates were popular with borrowers who thought rates were going to get cheaper over the near term and did not want to lock in for two or five years. Barclays still has the sub-4% two-year best buy tracker."

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