Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
NatWest to Raise Fixed Mortgage Rates Amid Market Uncertainty
NatWest will increase residential fixed mortgage rates from 17 July by up to 17 basis points, responding to rising swap rates. This move follows similar rate hikes by other major UK lenders this week.
According to Mortgage Strategy, Nationwide and Virgin Money are also increasing their mortgage rates from 16 July, with fixed-rate deals rising by as much as 35 basis points. Barclays is raising residential rates by up to 34 basis points, while Coventry Building Society and Gen H are also increasing prices.
The report notes that recent weeks had seen positive trends for mortgage rates, but renewed tensions in the Middle East have led to further uncertainty in financial markets. This has affected lenders’ funding costs and prompted several major lenders to announce increases to fixed rates.
For UK letting agents and inventory clerks, these changes may impact affordability for prospective tenants and buyers, as well as influence demand in the rental and sales markets. The adjustments in fixed mortgage rates by multiple lenders highlight ongoing volatility in the UK property finance sector.
Source: Mortgage Strategy