UK Mortgage Lenders Increase Rates Amidst Anticipated Interest Rate Hikes

Four of the UK's biggest mortgage lenders, including Halifax, HSBC, TSB, and Nationwide, have raised their residential mortgage prices again.

The increase comes as lenders adjust to the Bank of England's recent 50-basis-point rate hike and anticipated further interest rate increases.

Halifax raised its fixed rates for both direct and broker deals by 0.3 percentage points, TSB increased its rates by up to 0.35 percentage points, HSBC increased its rates by up to 0.55 percentage points, and Nationwide will increase fixed rates by up to 0.35% from tomorrow.

Other lenders, including First Direct, Aldermore, and Pepper Money, have also increased interest rates.

The average two-year fixed residential mortgage is now 6.30%, up from 6.26% a day earlier, while the average five-year fix has risen to 5.91%.

The number of products on the market has decreased to just 4,407 as lenders continue to pull deals due to market volatility.