Molo, Coventry for Intermediaries, Co-operative Bank for Intermediaries and LiveMore have all announced changes.
Price changes and product withdrawals by various financial institutions could signal that weeks of rate cuts could come to an “abrupt halt” due to economic uncertainty and rising oil prices.
From today, Molo has increased prices on 2-year and 5-year fixed rate products across its UK resident products.
Additionally, within the lender's UK resident reach, standard two-year fixed rates start from 3.34% and specialist products such as large multi-occupancy homes (HMOs) and multi-unit freehold buildings (MUFBs) are available. ) is 3.49%, both of which have higher interest rates. Product fee: 6.5%.
Elsewhere, Coventry for Intermediaries plans to increase fixed interest rates for new borrowers from 65% to 75% loan-to-value (LTV), excluding set-offs.
The company's new borrower product also increases all two-year and five-year fixed mortgage rates to 80% LTV, while eliminating cash back availability on all fixed first-time buyer rates between 65% and 80% LTV. do.
For existing borrowers, all fixed interest rates between 65% and 75% LTV will increase.
These will come into effect on October 10th.
Co-operative banks for intermediaries will also make changes from Thursday.
The bank announced it would temporarily withdraw some fixed-rate products to make way for new business.
Some residential 2-, 3-, and 5-year fixed rate products are canceled for loan sizes that include 75% LTV.
Finally, LiveMore announced that from October 11th, interest rates for Standard Capital and Interest, Standard Interest Only, and Retirement Interest Only will change.
The banks' moves follow mixed messages from the Bank of England, with Governor Andrew Bailey last week saying there was scope for rate cuts to be “more aggressive”.
But the next day, World Bank chief economist Hugh Pill warned against cutting borrowing prices “too far and too fast.”
Traders said they expect the Bank of England to cut interest rates by a total of 0.5 percentage points in two of its last three rate-setting meetings this year, bringing the benchmark interest rate down to 4.50%.
This was despite the central bank's Monetary Policy Committee's resolution to keep the policy rate unchanged at 5%, following a 0.25% interest rate cut in August. This is the first reduction in four years.