Barclays will increase mortgage charges by as much as 0.6% as lenders rush to hike house mortgage prices
- Barclays is the seventh major high street lender to increase rates this week
Mortgage borrowers look set to no longer be able to bag a home loan deal below 4 per cent as lenders continue to hike rates at pace.
This evening, Barclays became the latest bank to announce it is upping mortgage rates.
The bank is upping rates by between 0.3 and 0.6 percentage points, according to Nicholas Mendes, mortgage technical manager at broker John Charcol.
Going up: One mortgage broker says this is effectively the end of sub-4 per cent deals for now
Barclays is currently offering a 3.99 per cent two-year fix to home buyers purchasing with at least a 40 per cent deposit. This is likely to be much higher tomorrow.
Its 3.96 per cent five-year fix is also likely to disappear, a deal aimed at those buying with the biggest deposits.
Barclays is the seventh major mortgage lender this week to announce rate hikes.
It follows similar moves by NatWest, Santander, TSB, HSBC, Virgin Money and Nationwide Building Society.
‘Barclays has announced rate increases across its mortgage products, following similar moves by major lenders like HSBC, Santander, and Nationwide earlier this week,’ said Nicholas Mendes of John Charcol.
‘The updated rates, which apply to both fixed and variable mortgage offerings, show hikes across different loan-to-value bands and product types.
‘These adjustments reflect the broader trend of rising costs in the lending market, influenced by ongoing economic pressures and changes in the interest rate environment.
‘Barclays’ revisions include notable increases in rates for its two-year and five-year fixed products across various loan-to-value categories.
‘This essentially marks the end of sub 4 per cent rates from the mainstream lenders, for the time being.’
