The lenders’ decisions include higher rates on selected fixed products and the removal of some deals. Mortgage advisers quoted by the Express said borrowers could face higher costs if they delay securing a suitable option while lenders continue to adjust their ranges.
Barclays and Halifax Announce Changes Across Mortgage Products
Barclays has raised rates on selected residential remortgage and existing customer reward products while withdrawing a number of deals across purchase, remortgage and reward ranges. According to the Express, one of the changes involves its two-year fixed remortgage deal for Premier customers, which rises from 4.66% to 4.91% and includes a £999 product fee.
Halifax has also increased rates across several fixed mortgage products. The lender is raising rates by up to 0.11% for homemovers and first-time buyers on two, three, five and 10-year fixed products. Its remortgage rates are increasing by up to 0.10% across two, three and five-year fixed deals, while all 18-month fixed-rate remortgage products are being withdrawn.
Mortgage brokers said the changes reflect a period of frequent adjustments in the market. Ranald Mitchell, director at Charwin Private Clients, told the Express that borrowers and brokers needed to monitor products closely because deals available at one point could later be removed.
Aaron Strutt, product and communications director at Trinity Financial, said Barclays’ remortgage rates had previously been among the lower-priced options and noted the increase to the 4.66% two-year fixed product for Premier customers. He also said Halifax would have fewer fixed-rate options below 5% after the changes, with some products available only to borrowers with a 40% deposit.
Brokers Urge Borrowers to Review Options as Product Availability Changes
Several advisers highlighted that the impact of the changes is not limited to rate increases. They said the reduction in available products could affect borrowers looking for specific mortgage terms.
According to the Express, Stephen Perkins, managing director at Yellow Brick Mortgages, said borrowers should look beyond headline rates because a suitable product disappearing from the market could have a larger effect than a small pricing change. He advised those approaching the end of a fixed-rate mortgage to review their choices early.
Adam Stiles, managing director at Helix Financial Partners, said Halifax and Barclays had provided some notice of their changes, unlike some lenders that had withdrawn rates with less warning. He described the market as experiencing continued adjustments.
Dariusz Karpowicz, director at Albion Financial Advice, said the recent pattern involved lenders increasing rates, changes in SONIA swaps and wider uncertainty affecting pricing. According to his comments reported by the Express, he advised borrowers whose mortgage deals end within six months to consider securing an option and reviewing it again before completion.
The latest changes mean borrowers face a mortgage market where rates and available products continue to move. Advisers said customers approaching a remortgage or a new purchase may need to follow updates closely as lenders revise their offers.
