Coventry Building Society and Halifax have announced rate changes following a rise in swap rates.
Coventry BS has announced some rate increases that are effective from 8pm on Monday.
For residential new borrowers, all fixed rates will increase, excluding offset and offset interest-only mortgages.
For existing borrowers, all fixed rates will also rise and all offset fixed rates with no fee will close.
Meanwhile, all fixed rates on buy-to-let (BTL) and portfolio BTL deals will increase for both new and existing borrowers.
New products will be launched at 8am on Tuesday.
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Pending product transfer paper applications must be signed and sent back within 48 hours of the illustration date.
Ian Biggs of Coventry Building Society said: “Since we last repriced our mortgage products on October 25, swap rates have increased by 40 basis points.
“As a result, we have announced some increases to our range of mortgage products that will take effect on Tuesday.”
Halifax changes
Meanwhile, Halifax has announced rate increases, as well as some decreases on selected products.
Complete by dates and end dates have been extended.
For remortgage products, complete by dates and end dates are also extended.
The lender has announced rate reductions to its Affordable Housing products and end dates extended.
Complete by dates have been aligned across all products to 31 October 2025.
Several lender rate increases
This news follows several lenders increasing their rates in the past few days.
Speaking about these changes in the past few days, Nicholas Mendes, John Charcol’s mortgage technical manager, said: “Santander has recently reduced its rates following the latest Budget, while Virgin and Halifax have increased theirs.
“Mainstream lenders are likely to hold off on making immediate rate changes to maintain business and service levels.
“However, if there’s a surge in applications from clients looking to secure current rates, or if other lenders follow suit in raising their rates, this could pressure service levels and lead to further repricing.”
Mendes suggested lenders were responding to both market conditions and competitor repricing, balancing adjustments to remain competitive without significant service disruption.
He added: “Coventry’s recent rate change should keep them competitive without significantly impacting their position in the best buy tables.
“My advice for those nearing the end of their fixed rate remains [to] avoid delaying in hopes that rates will return to levels seen a few weeks ago. Secure a deal now and review it continually. While we’re optimistic about downward repricing, the pace and trajectory remain uncertain.”
