Barclays, Halifax and BM raise rates by up to 30bps – Mortgage Strategy

Barclays, Halifax and BM Solutions have announced another round of rate hikes with some deals jumping by as much as 30 basis points tomorrow.

At Barclays, a 10-year fixed at 60% LTV with a £999 fee will rise by 30bps, from 5.12% to 5.42%.

But the lender is also making increases of up to 25 basis points on some of its more popular two, three and five-year fixes.

These include a number of remortgage deals, such as a two-year fixed remortgage at 60% LTV with a £999, which will climb from 4.69% to 4.94%.

A three-year fixed remortgage at 60% LTV with a £999 fee will rise by the same margin from 4.67% to 4.92%.

A five-year fixed remortgage at 75% LTV with a £999 fee will jump from 5.07% to 5.32%

At BM Solutions, buy-to-let prices are rising by up to 25 basis points tomorrow.

Halifax is increasing its home mover and first-time buyer rates by up to 11bps tomorrow, while remortgage, product transfer and further advance rates are rising by up to 10bps.

Earlier today, we reported that TSB is making further rate increases of up to 25bps after repricing other deals last week.

Other lenders scheduling price rises tomorrow include Kensington and Leeds Building Society.

Last week, Moneyfacts revealed that the average five-year fixed rate has reached its highest level since October 2023, which was in the aftermath of the Liz Truss mini-budget.

Trinity Financial product and communications director Aaron Strutt says: “Barclays and Halifax have kicked off the week with more rate hikes.

“Hopefully the market will calm down soon because the changes have been constant.

“The Barclays remortgage rates were pretty cheap, so it isn’t a surprise they went up.

“The main change is to the 4.66% Premier two-year fixed with a £999 product fee which increases to 4.91%.

“Halifax will only have a few sub-5% fixes after this change and they are available to borrowers with a 40% deposit.

“The lender’s cheapest rates will be a 4.9% two-year fix, a 4.93% three-year fix and a 4.98% five-year fix.

“The bank also has a two-year tracker at 4.06%.

“It is interesting the Halifax is pulling the 1.5 year fixes, because these rates were popular with borrowers who thought rates were going to get cheaper over the near term and did not want to lock in for two or five years.”