Thisismoney.co.uk - Three major lenders raise mortgage rates as experts warn sub-5% deals are disappearing fast

Households are being hit with a fresh wave of mortgage rate hikes this week as lenders prepare for higher inflation and interest rates. Nationwide Building Society, Virgin Money and TSB have all announced they will be pushing up the price of their mortgages today. It means that sub-5 per cent deals are vanishing, with most households now having to settle for a rate between 5 and 5.5 per cent.

Aaron Strutt of broker Trinity Financial told thisismoney.co.uk: 'Unfortunately Nationwide will only have one fixed rate available to new customers below 5 per cent after these new rates go live, which is a two-year fix at 4.99 per cent with a £1,499 fee for those with a 40 per cent deposit. 

'We are getting to the stage where there are not many sub-5 per cent fixed rate mortgages left but there are still some decent tracker deals to choose from. It would not be a surprise if more banks and building societies raise their rates over the coming days and at the moment price cuts look a long way off.'

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