Santander is the latest mortgage lender to announce rate increases

Aaron Strutt Image

Mortgage lenders have been pushing up the cost of their fixed rates over the last few weeks following an increase in the price of funding.

Santander has been offering some of the most competitively priced rates, including a sub-4% five-year fix, although it has just announced price rises from tomorrow (21/02/2024).

In a note to brokers, Santander said it is increasing its standard rates by between 0.23% and 0.34%. The large loan exclusive fixes are rising between 0.23% and 0.33%. The bank's buy-to-let fixed rates will also increase between 0.23% and 0.33%.

Aaron Strutt, product director at Trinity Financial, says: “Many of the banks and building societies have been raising their mortgage rates over the last few weeks. Our brokers have been busy securing rates for borrowers before they increase.

"While rates have gone up, they are still reasonably priced. Some lenders now offer two-year fixes priced around 4.4% and five-year fixes priced around 4.1%. It seems likely that HSBC will pull its sub-4% five-year deals soon as the bank will receive increased business volumes over the coming days.”

A Santander spokesperson told The i newspaper: “Santander continually reviews its rates based on a number of factors, such as wider market conditions including swap rates. We offer a range of competitive mortgage deals."

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The information contained within was correct at the time of publication but is subject to change.

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