Fixed mortgage rates have continued to rise, with sub-4% deals disappearing from the market once again.
Barclays and Natwest have become the latest high street lenders to announce increases to their fixed mortgage rates, effective today, 14th November 2024.
This follows similar moves this week from Santander, HSBC, Nationwide, and TSB.
Only Allied Irish Bank currently offers rates below 4%.
David Hollingworth, associate director at L&C Mortgages, said: “The slew of rate changes in recent weeks has continued to push rates higher, reflecting the higher costs for lenders, as the market outlook for rates has edged toward a ‘higher for longer’ expectation.
“A number of lenders managed to hold fixed rates below 4%, until now.
“As sharper rates have fallen away, an air of inevitability was building and now all major UK lenders’ fixed rates have once again edged back above 4%.”
Hollingworth added: “Unwelcome as it is for borrowers, it’s important to note that there’s no sign of rates skyrocketing as they have in recent years.
“The Bank of England base rate is still expected to fall over time, but markets are questioning if the pace will be as rapid.
“Forecasting and perception change frequently but for now borrowers should grab a rate whilst they can, to avoid missing out if the deal is subsequently withdrawn.”
