With increases of up to 0.7 percentage points going into effect on Friday, Nationwide will be the newest lender to raise mortgage rates once more.
The building society, one of the largest lenders in the UK, claimed that the modifications were necessary to ensure that it could meet the needs of all of its clients.
Due to high demand, Clydesdale Bank, another lender, announced later on Thursday that it was pulling deals through brokers.
According to one broker, the market is in a "vicious circle.".
Lenders were raising rates on short notice, according to Coreco's Andrew Montlake, but borrowers were snatching up deals, flooding the market and forcing lenders to lower or raise rates once more.
Brokers are working around the clock to try to lock in to these rates, but it is extremely difficult for everyone to navigate, especially clients who must make quick decisions in these circumstances, he said.
The most recent major to repeat rate increases is Nationwide. It will raise the rates on several different mortgages offered by brokers starting on Friday. One of them is a 0.7% increase in interest on new deals for current customers who are moving homes.
A building society representative claimed that in addition to competitors raising rates, lenders' costs were also rising.
This guarantees that we as a building society can keep lending to different types of borrowers. Our entire mortgage product line is still available, he said, despite the rate changes.
Markets expect inflation and interest rates to remain higher for longer than previously anticipated in light of data on rising wages and prices.
Because of this, the cost of government borrowing has increased to levels equal to the mini-budget from the previous year, directly affecting mortgage rates.
The base rate, currently set by the Monetary Policy Committee at 4.5 percent, will be reviewed the following week. It is widely anticipated that it will increase for the thirteenth consecutive week.
It's crucial that no one panics, including the Bank of England, according to Mr. Montlake.
"It should be questioned whether rates need to go up by more than 5 percent before previous rate changes take effect, and they run the risk of creating more issues than they are trying to address.
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