UK Mortgage Rates Rise Again Amidst Broader Lender Trend

Mortgage rates have continued to rise for borrowers in the UK as Accord and Nationwide increased their mortgage rates. This trend is part of a broader pattern seen across lenders this month, with rising swap rates contributing to higher borrowing costs.

According to Rachel Geddes, Strategic Lender Relationship Director at Mortgage Advice Bureau, 'Accord and Nationwide have both increased rates today, adding to a string of similar moves from lenders this month. The driver is rising swap rates rather than any change to the Bank of England base rate, but the effect for borrowers is the same either way: mortgages are getting a little more expensive.'

First-time buyers are particularly vulnerable to these changes, as they often borrow at higher loan-to-values where pricing is most sensitive. Geddes advises that those midway through securing a mortgage should 'get it locked in as soon as you can' to avoid missing out on the best rates.

Remortgagers may find the rate increases less alarming, but are still advised to review their options now rather than waiting for their fixed deal to expire. Most lenders allow borrowers to secure a new rate months in advance and switch to something cheaper later if pricing improves.