Halifax has raised mortgage rates by up to 0.20% from Tuesday, with the increase linked to rising oil prices that hit $100 last week. The lender is raising rates across homemover, first-time buyer and remortgage ranges by up to 0.15% on selected fixed-rate deals, while product transfers will see increases of up to 0.10%.
Market Context and Expert Warnings
This move follows similar rate rises from HSBC and Barclays, driven by oil price volatility linked to Middle East tensions. The Bank of England is expected to hold its base rate at 3.75% on Thursday. Mortgage experts are urging borrowers to act quickly to secure deals before further hikes.
Darryl Dhoffer from The Mortgage Geezer warned: "If you drag your feet now, you are willingly throwing money away." Anthony McQuilliam from Bolt Mortgages said the market can shift overnight, advising anyone within six months of renewal to speak to a broker immediately. He added that oil at $100 feeds directly into inflation expectations.
Advice for Borrowers
Industry specialists say lenders react faster than the Bank of England to wholesale funding cost changes. Many warn that available rates may not be around for long as global energy volatility continues. Borrowers are advised to lock in rates now, as most offers provide three to six months' protection against further market chaos.
