Halifax has increased mortgage rates by up to 0.15%, following similar moves by Nationwide and other major lenders. The changes came into force on Friday.
The bank raised selected two, three and five-year fixed mortgage rates by up to 0.10% for new purchases and up to 0.15% for remortgages. This marks Halifax's sixth rate change since September 1st, highlighting the volatile conditions in the mortgage market.
Widespread rises across the sector
It has been a week of widespread mortgage increases, with Nationwide raising rates by up to 0.21%, Virgin Money by 0.20%, and Barclays pushing its market-leading rates above 5%. Experts warn the market volatility reflects continued uncertainty and stress for borrowers.
Jamie Alexander from Alexander Southwell Mortgages said: "The market is repricing and it is not done yet. For anyone sitting on the fence waiting for rates to improve, the calculation has changed."
Impact on new and existing borrowers
The rate increases affect both new and existing borrowers, with product transfer rates also rising. Experts warn that even small increases "add up quickly on bigger mortgages" and urge borrowers to compare the wider market rather than assume staying with their current lender is cheapest.
Mortgage specialists advise borrowers to review options early as further rate rises are expected.
