According to new data, the average two-year fixed-rate mortgage is now £35 per month more expensive than it was a few weeks ago.
Moneyfacts, a provider of financial data, reported that the interest rate has increased by 0.3% as a result of recent data indicating that inflation is not falling as rapidly as expected.
Many have speculated that the Bank of England will raise interest rates from their present level of 4.5% to as high as 5.5%.
It has prompted numerous lenders to increase mortgage rates and eliminate offers.
Thousands of mortgage agreements have been withdrawn from the market as lenders reevaluate their offers.
Several lenders altered their mortgage offerings over the weekend, which is anticipated to further strain the budgets of households and businesses.
The Times first reported that TSB withdrew all of its 10-year fixed-rate agreements on Friday with less than three hours’ notice. The bank insisted that the move was “temporary” and that the transactions would resume.
On Monday, Santander increased its new business mortgage rates by between 0.05% and 0.43%, and on Tuesday, Coventry Building Society will increase its two-, three- and five-year agreements.
