Leading UK lenders recruit fixed-rate mortgage deals amid market uncertainty | mortgage interest rate

In response to market uncertainty, at least five major lenders on Tuesday raised interest rates on fixed mortgage deals, putting pressure on homebuyers and those looking to remortgage.

Barclays, HSBC, NatWest, Accord Mortgages (part of Yorkshire Building Society) and Leeds Building Society have all increased the costs of some fixed rate deals. In some cases, this figure rose by up to 0.4 percentage points.

Money market swap rates, which determine the pricing of new fixed transactions, rose slightly in line with Bank of England interest rate expectations, causing lenders to adjust the pricing of some transactions, said Danny Belton, head of lending at the Mortgage Advice Bureau, a brokerage firm. (Danny Belton) said.

But Belton added that prospective buyers and remortgage borrowers shouldn't panic. There are still deals left and a small number of lenders are holding rates or reducing prices.

Mortgage costs have endured a roller coaster ride over the past two years. The fallout from the disastrous September 2022 mini-budget saw prices on many new fixed-rate deals rise above 6%, but they fell sharply earlier this year before starting to rise again later.

Mortgage markets have been relatively quiet in recent weeks, but figures released last week showed a smaller-than-expected decline in inflation in March, prompting some economists to withdraw predictions about when banks will start cutting interest rates. City investors are pricing in two interest rate cuts by the end of the year.

Some lenders, such as Accord, have increased their chosen rates by up to 0.4 percentage points, while others, such as NatWest, have opted for smaller increases. That means we increased some of our two-year and five-year transition contracts for existing customers by 0.1 percentage points.

Nicholas Mendes, mortgage technology manager at broker John Charcol, said lenders had adjusted their positions in response to market uncertainty, but added it was unlikely borrowers would experience the same levels of volatility and higher interest rates as last year. Yes.

Financial data provider Moneyfacts said Tuesday that the average interest rate on new fixed-rate deals lasting two years rose slightly to 5.83% from 5.8% earlier this month. Meanwhile, the new five-year fixed rate rose to 5.4% from 5.38% in early April.

However, the cheapest 2-year and 5-year best buy fixes were priced this week at 4.46% and 4.13%, respectively.

The cost of some mortgage transactions has risen as Rightmove revealed the most expensive and least expensive cities to buy or rent a first home. According to the property website, Aberdeen was the cheapest city to list for a property, while Carlisle was the cheapest city to rent.

St Albans, Hertfordshire, with its historic cathedrals and pubs and quick commute links to London, was named by Rightmove as the most expensive city for a first-time buyer outside London, followed by Cambridge and Winchester. Oxford has been identified as the most expensive city to rent outside of London.

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