The banks' decision comes as the Bank is no longer expected to reduce borrowing costs as early or as frequently as before.

Barclays, in particular, is raising rates for the second time in a week, leading to a 0.1% increase across various mortgage products.

Several banks and building societies in the UK have announced plans to increase mortgage rates for existing customers.

NatWest will raise some of its two and five-year "switcher" deals by 0.1%, while HSBC is increasing some rates but hasn't given details.

Leeds Building Society is increasing the fixed rate on selected products by up to 0.2% for both new and existing customers, and The Co-op is putting up the rates on some of its fixed deals by up to 0.41% from Monday but cutting the rate on others.

The average two-year fixed mortgage rate is currently 5.82%, and the average five-year fixed rate is 5.40%.

Broker Justin Moy from EHF Mortgages discussed the impact of Barclays' recent interest rate increases.

He mentioned that small mortgage holders would not be significantly affected by a 0.1% rise.

However, homeowners with larger loans, specifically £300,000 or more, would notice a difference, resulting in an additional £4,500 over five years.

Moy expressed concern, stating that these increases would cause "loads of aggravation" for borrowers and brokers, potentially leading to a panic as customers see rates rising.