Home Property Finance & InvestmentMortgages NatWest raises fixed rate mortgage deals ‘like Liz Truss has opened her mouth again’

NatWest raises fixed rate mortgage deals ‘like Liz Truss has opened her mouth again’

by Seamus Doherty Property Reporter
22nd Feb 24 4:27 pm

Following on from HSBC earlier, NatWest has just announced further increases to most of its fixed rate mortgage deals.

Newspage asked brokers for their views on both NatWest and general market conditions over the past few weeks, and what higher rates mean for borrowers and the broader property market.

A mortgage specialist said it “feels like 2023 all over again” as more and more banks are raising their rates for both new and existing customers.

Justin Moy, managing director at EHF Mortgages, said, “Today, yet another major high street lender has pushed rates further out of reach of borrowers.

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“NatWest may be following the rest of the mainstream lenders but the collective reaction from lenders to higher swap rates will inevitably kill off all those improvements everyone worked hard for in January this year.

“Right now, it feels like 2023 is happening all over again. Someone has pressed the mortgage rewind button.”

Ben Tadd, director at Lucra Mortgages, said, “This is another example of how volatile the mortgage market is at the moment, with NatWest reacting to increased swap rates over the past few weeks.

“It’s not all doom and gloom for mortgage borrowers however, as although fixed rate pricing has risen over the course of the last month, rates have not risen to anywhere near the peak levels of the post mini-Budget era.

“Rates remain stable and with inflation anticipated to drop with the next CPI announcement due on 12th March, the positive effect this should have on SWAP rates is likely to coax mortgage rates back down.”

Imran Hussain, director at Harmony Financial Services said, “Another one bites the dust another day another high street lender upping their rates feels like Liz Truss has opened her mouth again and the markets are going to shit again we need stability now more than anything especially when lenders are announcing record profits time to pass something back to the ordinary folks before there is anarchy on our streets.”

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