More mortgage lenders raise cost of their deals after experts push back forecast of when next interest rate drop will be
NatWest is increasing rates from Tuesday, with mortgages for buyers rising by between 0.18 and 0.21 percentage points. Rates for remortgage customers are going up by between 0.21 and 0.22 percentage points.Meanwhile, Nationwide said rates on its fixed products would go up to 0.25 per cent, while Santander said rates for new customers and those doing product transfers could increase by 0.2 percentage points.
On 22 January, the average two-year fixed mortgage rate was 5.59 per cent and the average five-year fixed mortgage rate was 5.22 per cent. “Given the nature of the market, those who may be hesitant to commit to a deal should continue to reach out to a broker and discuss options.”
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