Nationwide Building Society has just announced an increase in its mortgage rates. This marks the second time in just a month that the lender has decided to up the ante for both new borrowers and those already holding mortgages with them. And it’s not just Nationwide that’s adjusting its figures; Halifax is also tweaking its mortgage rates, affecting a wide range of customers.

Nationwide’s New Rates

Starting today, Nationwide is making it slightly more expensive for new customers and existing ones looking to remortgage. If you’re eyeing a two, three, or five-year fixed rate for your remortgage needs, you’re looking at an increase of up to 0.15 percentage points. What does this mean in real terms? Well, if you were hoping to lock in a five-year deal at a 60% loan to value (LTV), the starting rate is now 4.29%, plus you’ll need to factor in a £999 fee. For those considering a shorter commitment with a two-year deal, rates kick off from 4.69%.

But it’s not just the remortgage scene getting a makeover. Home purchase rates, including those for first-time buyers, are on the up too, with increases of up to 0.2 percentage points. A five-year purchase fixed rate now starts from 4.19% with a £999 fee, assuming you have a 40% cash deposit. And for those looking at three and two-year options, rates begin at 4.54% and 4.64% respectively.

A Nod to Remortgagers

In a positive spin, Nationwide has introduced a new range of remortgage deals targeted at customers with just 5% equity in their property, marking a 95% LTV. This is the first time since 2008 that such deals have been made available to remortgagers, offering a two-year fixed rate at 5.84% with a £999 fee, or a no-fee alternative at 6.14%. Three and five-year options are also available with competitive rates.

Existing Nationwide Customers, Take Note

Nationwide isn’t stopping there. Selected fixed rates on product transfer deals and rates for additional borrowing are also seeing hikes, specifically affecting borrowers with at least 25% equity in their property. For those looking to switch deals within Nationwide, five-year rates start from 4.19% (plus fee), with two-year deals from 4.59%.

Halifax Joins the Rate Hike

Halifax isn’t far behind in the mortgage rate race. Starting from Friday, the bank is adjusting a broad spectrum of its fixed rate deals for both new and existing customers. The changes include increases of up to 0.18 percentage points for home buyers, including first-timers, and a jump of up to 0.29 percentage points on selected two-year remortgage rates. However, there’s a silver lining as Halifax plans to reduce its two and five-year fixed remortgage rates for those with at least 10% equity (90% LTV).

For Halifax customers contemplating a product transfer, prepare for increases of up to 0.29 percentage points on your fixed rate deals.